Alibaba, Tencent, JD And Nio Rivals Xpeng, Li Auto Strike Gains As Hang Seng Index Rebounds

Shares of Alibaba Group Holding Limited BABA, Tencent Holdings Limited TCEHY, NetEase Inc. NTES, JD.Com Inc. JD, Baidu Inc. BIDU, Li Auto Inc. LI and Xpeng Inc. XPEV are all trading notably higher in Hong Kong on Friday.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.7% higher at HKD 165.40 ($21.27) in Hong Kong.

Technology conglomerate Tencent’s shares are up 2.7% to HKD 493.00 ($63.40) and NetEase’s shares are also rising 2.7% to HKD 137.50 ($17.68).

E-commerce company JD’s shares are trading 4.9% higher at HKD 320.20 ($41.18), while technology company Baidu’s shares are advancing almost 4% to HKD 162.20 ($20.86) at press time.

Electric vehicle maker Xpeng’s shares are rising 2.4% to HKD 153.70 ($19.77) and peer Li Auto’s shares are up 1.7% to HKD 117.90 ($15.16).

Heavily indebted property developer China Evergrande Group’s EGRNF shares are up 1.1% to HKD 3.59 ($0.46) after Reuters reported that some of the company’s creditors have agreed to extensions for loan payments.

See Also: How To Buy Alibaba (BABA) Stock

Hong Kong’s benchmark Hang Seng Index is up 1.4% at the time of writing, as it attempts to stage a recovery following two straight days of losses.

Why Is It Moving? The Hang Seng Index is rising following a rebound in gaming stocks despite worries about China’s latest crackdown on the sector.

The South China Morning Post reported that Chinese regulators have temporarily slowed the approval of new online games as Beijing steps up efforts to curb gaming addiction among young people.

Shares of Chinese companies closed mixed in U.S. trading on Thursday after the major U.S. averages failed to sustain an early move to the upside and closed lower.

Alibaba’s shares closed almost 2% lower, while electric vehicle maker Nio Inc. NIO ended higher by 0.8%.

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