Alibaba, JD, Tencent And Nio Peers Xpeng, Li Auto Continue To Plunge In Hong Kong Amid Evergrande Woes

Some of the biggest technology companies continue to see their shares plunge in Hong Kong amid the Evergrande crisis on Tuesday.

What Happened: Alibaba Group Holding Ltd. BABA shares are trading 2.1% lower at HKD 148.30 at press time in Hong Kong.

JD.Com Inc. JD stock is down 1.63% at the time of writing, trading at HKD 289.80. Tencent Holdings Ltd. TCEHY shares are trading about 1% lower at HKD 449.80.

Baidu Inc. BIDU shares are down 3.9% at HKD 150.30 at press time.

China Evergrande Group EGRNF, whose financial woes have sparked a slump in markets globally, is down 3.07% at press time, trading at HKD 2.21.

Among electric vehicle stocks, Nio Inc. NIO peers Xpeng Inc. XPEV and Li Auto Inc. LI have plummeted 4.45% and 7.4% to HKD 141.70 and HKD 102.80, respectively.

Automaker BYD Company BYDDF BYDDY is down 1.6% to HKD 239.80 at the time of writing.

Hang Seng Index, the benchmark stock market index for Hong Kong, is down 0.88% to 23,886.25 at press time.

See Also: The Volatility Index Spikes On Evergrande Fears: Here's How To Play It

Why It Matters: The Hong Kong stock market has been seeing high volatility in recent months with uncertainty over the regulatory situation in China, where many of the biggest companies listed in Hong Kong operate.

The latest plunge comes amid the Evergrande crisis, with concerns over whether the highly indebted property dealer would be able to resolve its financial woes.

The plunge in Hong Kong on Monday seemed to cause a ripple effect across global markets, taking a toll both on U.S. equities and cryptocurrencies.

The S&P 500 closed 1.7% lower on Monday and Nasdaq Composite dropped lower by 2.19%. Large-cap tech stocks saw a significant drop, with Apple Inc AAPL closing 2.1% lower, Amazon.com Inc AMZN closing 3.08% lower and Tesla Inc TSLA closing 3.86% lower.

Major cryptocurrencies have suffered a similar fate, with Bitcoin BTC/USD trading 6.3% lower at $42,797 at press time, Ethereum ETH/USD down 6.29% at $3,006.37 and retail-favorite Dogecoin DOGE/USD trading about 5.6% lower at $0.2099.