Shares of Alibaba Group Holding Limited (NYSE: BABA), JD.Com Inc. (NASDAQ: JD), Baidu Inc. (NASDAQ: BIDU), Tencent Holdings Inc. (OTC: TCEHY) and Li Auto Inc. (NASDAQ: LI) are all trading lower in Hong Kong on Tuesday, while Xpeng Inc. (NYSE: XPEV) is trading slightly higher.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 4% lower at HKD 161.00 in Hong Kong, while technology company Baidu’s shares have lost 2.6% to HKD 158.40 and e-commerce company JD.Com’s shares are down 1.2% to HKD 307.80.
See Also: How To Buy Xpeng Motors (XPEV) Stock
Electric vehicle maker Li Auto’s shares traded 2.8% lower at HKD 109.20, while peer Xpeng’s shares have risen 0.2% to HKD 150.50.
Tech conglomerate Tencent Holdings’ shares traded 1.4% lower at HKD 62.28.
Hong Kong’s benchmark Hang Seng Index opened lower on Tuesday and is down 0.8% at the time of writing. The index closed almost 2.0% higher on Monday.
Why Is It Moving? The Hang Seng Index traded lower as the global energy crisis stoked inflation fears.
China Evergrande Group’s (OTC: EGRNY) debt crisis also weighed on investor sentiment after Reuters reported that some of the property developer’s offshore bondholders didn’t receive interest payments by a Monday deadline.
In addition, Evergrande’s rivals, Modern Land (China) Co. and Sinic Holdings are attempting to delay bond payment deadlines, as per the report.
Meanwhile, Bloomberg reported that China will commence an inspection of the country’s financial regulators, state-run banks and insurers as part of efforts to tackle corruption.
Shares of Chinese companies closed mostly lower in U.S. trading on Monday after the major averages in the U.S. extended losses to a second straight session. Alibaba’s shares closed 1.5% higher, while Nio’s shares ended lower by 0.5%.
The Chinese Big Tech stocks, including Alibaba, had struck gains in Hong Kong on Monday amid optimism of regulatory crackdown on the sector easing.
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