Alibaba, JD And Nio Rival Li Auto Rise In Recovering Hong Kong Market, Evergrande Shoots Up 15% As Worries Ease

Shares of Alibaba Group Holding Limited BABA, Li Auto Inc. LI, JD.Com Inc. JD, Tencent Holdings Limited TCEHY and Baidu Inc. BIDU are all trading higher in Hong Kong on Thursday, while Xpeng Inc.'s XPEV shares declined.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.4% higher at HKD 149.30 ($19.19) in Hong Kong, while e-commerce company JD.com’s shares are rising almost 3.4% at HKD 300.60 ($38.63) and tech conglomerate Tencent Holdings’ shares are gaining 3.3% to HKD 465.00 ($59.75).

Electric vehicle maker Li Auto’s shares are rising 1.7% to HKD 106.50 ($13.69), while peer Xpeng’s shares are declining almost 0.3% to HKD 142.80 ($18.35).

See Also: How To Buy Nio (NIO) Stock

Technology company Baidu’s shares are higher by 3.5% to HKD 158.80 ($20.41).

China Evergrande Group’s EGRNF shares are up 14.5% to HKD 2.60 ($0.33) after surging as much as 32% in earlier in the day as some of the worries over the troubled property developer eased.

Hong Kong’s benchmark Hang Seng Index, which resumed trading after a holiday on Wednesday, is up 1.1% at the time of writing.

Why Is It Moving? The Hang Seng Index is rising as China Evergrande attempts to resolve its debt issues. Media reports also speculated about a state-led restructuring plan for the company.

According to a report by Reuters, Evergrande’s chairman said his company would make it a top priority to help wealthy investors redeem their products. The chairman’s comments come despite doubts about the property developer’s ability to pay the interest due on a dollar-denominated bond later today.

Shares of Chinese companies closed higher in U.S. trading on Wednesday. The major averages in the U.S. posted strong gains after the Federal Reserve maintained interest rates and also said it may begin tapering its monthly asset purchases soon.

Alibaba’s shares closed 1.1% higher, while electric vehicle maker Nio Inc.’s NIO shares ended higher by almost 2.3%.

Read Next: After Today's Fed Meeting, Investors Are Stuck With Contradictory Reports On Evergrande And The Debt Ceiling