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Alibaba, JD, Tencent And Nio Rivals Xpeng, Li Auto All Tumble As Hang Seng Index Crashes Amid Evergrande Crisis

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.6% lower at HKD 154.20 ($19.80) in Hong Kong, while e-commerce company’s shares are down 4.4% at HKD 294.00 ($37.75) and tech conglomerate Tencent Holdings’ shares are down 2.2% to HKD 451.60 ($57.99).

Electric vehicle maker Li Auto’s shares are declining almost 1.9% to HKD 110.50 ($14.19) and Xpeng’s shares are lower by 0.3% to HKD 147.50 ($18.94).

See Also: How To Buy Nio (NIO) Stock

Technology company Baidu’s shares are down almost 1.5% to HKD 156.80 ($20.13).

China Evergrande Group’s (OTC: EGRNF) shares have tumbled 14.6% to HKD 2.17 ($0.28) amid worries about the troubled property developer’s ability to repay its huge debt pile of $300 billion. The company has interest payments on two bonds due on Thursday, Sept. 23.

Hong Kong’s benchmark Hang Seng Index is down 3.3% at the time of writing. The index ended a four-day losing streak to close more than 1% higher on Friday.

Why Is It Moving? The Hang Seng Index is declining amid worries about China Evergrande’s liquidity crisis and Beijing’s continuing crackdown on tech firms.

Shares of Chinese companies closed higher in U.S. trading on Friday even as the major averages in the U.S. ended lower.

Alibaba’s shares closed 2.4% higher, while electric vehicle maker Nio Inc.’s (NYSE: NIO) shares ended higher by 1.1%.

Read Next: Can Nio, XPeng, Li Auto Pursue Listings In China? New Regulation Provides Scope

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

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