Alibaba, JD And Nio Rival Xpeng Strike Gains Even As Hang Seng Index Dips On Evergrande Woes

Shares of Alibaba Group Holding Limited BABA, Baidu Inc. BIDU, JD.Com Inc. JD, Tencent Holdings Inc. TCEHY and Xpeng Inc. XPEV traded notably higher in Hong Kong on Thursday, while Li Auto Inc. LI traded flat.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.1% higher at HKD 168.00 in Hong Kong, while technology company Baidu’s shares have risen 0.9% to HKD 164.60 and e-commerce company JD.Com’s shares are up 0.6% to HKD 314.40.

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

Electric vehicle maker Xpeng’s shares have gained 0.4% to HKD 180.60, while peer Li Auto’s shares traded flat at HKD 128.00.

Tech conglomerate Tencent Holdings' shares are up 0.5% to HKD 489.60.

Hong Kong’s benchmark Hang Seng Index retreated after opening higher and was down almost 0.4% at the time of writing. The index closed almost 1.6% lower on Wednesday.

Why Is It Moving? The Hang Seng Index is lower for a third straight day in volatile trade amid lingering worries about embattled property developer China Evergrande Group’s EGRNY debt crisis.

Evergrande, which avoided default on an interest payment last week, is due to pay on Friday a $45.17 million bond coupon that was originally due in late September, Bloomberg reported.

Advisers representing Evergrande and a group of its offshore bondholders have signed non-disclosure agreements in preparation for potential debt negotiations, the report added.

Shares of Chinese companies closed mostly lower in U.S. trading on Wednesday after the Dow Jones Industrial Average and the S&P 500 Index ended firmly in negative territory.

Alibaba’s shares closed almost 0.5% lower and Nio’s shares ended lower by almost 2.9%.

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