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Alibaba, Baidu And Nio Rivals Xpeng, Li Auto Dip In Hong Kong Even As Evergrande Recovers

Shares of Alibaba Group Holding Limited (NYSE: BABA), Baidu Inc. (NASDAQ: BIDU), Xpeng Inc. (NYSE: XPEV) and Li Auto Inc. (NASDAQ: LI) are all trading lower in Hong Kong on Monday, while Tencent Holdings Inc. (OTC: TCEHY) and JD.Com Inc. (NASDAQ: JD) are rising.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 1% lower at HKD 142.90 ($18.36) in Hong Kong, while tech conglomerate Tencent Holdings’ shares have risen 1.8% to HKD 468.40 ($60.19) and e-commerce company’s shares have advanced 0.8% to HKD 294.60 ($37.86).

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Xpeng’s shares are down 2.5% to HKD 139.00 ($17.86) and peer Li Auto’s shares are down 1.8% to HKD 103.40 ($13.29).

Technology company Baidu’s shares have fallen 0.5% to HKD 154.00 ($19.79) after Reuters reported that China’s antitrust regulator is unlikely to approve the company’s $3.6 billion acquisition of JOYY Inc.’s (NASDAQ: YY) domestic live streaming business.

China Evergrande Group’s (OTC: EGRNF) shares are up almost 3.4% to HKD 2.44 ($0.31) despite lingering worries about the fate of the world’s most indebted property developer.

Meanwhile, shares of the company’s electric car unit China Evergrande New Energy Vehicle Group continue to suffer losses and are currently down 15.7% to HKD 1.88, after plunging as much as 26% in early trades. The company warned about a shortage of funds and has abandoned plans to list in Shanghai, according to a report by Bloomberg.

Hong Kong’s benchmark Hang Seng Index recovered after a weak start and is up more than 1% at the time of writing. The index ended a two-day winning streak to close 1.3% lower on Friday.

Why Is It Moving? The Hang Seng Index is rising despite lingering worries about the China Evergrande debt crisis and the country’s crackdown on the technology sector.

Shares of Chinese companies closed lower in U.S. trading on Friday after the major averages in the U.S. closed on opposite sides of the unchanged line in lackluster trading.

Alibaba’s shares closed 4.0% lower, while electric vehicle maker Nio Inc.’s NIO (NYSE: NIO) shares ended down almost 1.8%.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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