Alibaba, JD And Nio Rivals Xpeng, Li Auto All Decline As Hong Kong Markets Extend Losses

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.1% lower at HKD 147.70 in Hong Kong, while tech conglomerate Tencent Holdings’ shares are down 3.2% to HKD 455.00.

Alibaba has been forced by Chinese regulators to open up its walled garden and add rival Tencent’s WeChat payment system in some of its apps.

Technology company Baidu’s shares are down 2.5% to HKD 149.40 and e-commerce company JD.com’s shares are losing 2.4% to HKD 292.00.

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Xpeng’s shares are tumbling 4.3% to HKD 135.10 and peer Li Auto’s shares are declining almost 1% to HKD 102.80.

Meanwhile, China Evergrande Group’s EGRNF shares are extending gains to a third straight day, rising 7.1% to HKD 2.86.

The embattled property developer has agreed to sell a 19.9% stake in Shengjing Bank Co. Ltd. for almost RMB 10 billion ($1.5 billion) to help trim its liabilities of more than $300 billion, according to a report by Reuters. The company has another interest payment to offshore bondholders due later today.

Hong Kong’s benchmark Hang Seng Index is down 0.7% at the time of writing. The index closed 1.2% higher on Tuesday.

Why Is It Moving? The Hang Seng Index is declining, led by tech stocks following the overnight sell-off on Wall Street amid a continued advance by Treasury yields.  

Shares of Chinese companies closed mostly lower in U.S. trading on Tuesday. Alibaba’s shares closed almost 1.5% higher, while electric vehicle maker Nio Inc.’s NIO shares ended almost 4.7% lower.

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