Shares of Alibaba Group Holding Limited BABA, Baidu Inc. BIDU, JD.Com Inc. JD, Li Auto Inc. LI, and Xpeng Inc. XPEV fell in Hong Kong on Wednesday, while Tencent Holdings Inc. TCEHY traded higher.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.5% lower at HKD 156.40 in Hong Kong, while e-commerce company JD.Com’s shares have fallen 1.5% to HKD 297.20 and technology company Baidu’s shares have lost 0.4% to HKD 156.80.
See Also: How To Buy Alibaba (BABA) Stock
Tencent's shares have gained 2.1% to HKD 473.80 ahead of the company’s third-quarter earnings results later today.
Electric vehicle maker Li Auto’s shares have lost 9.2% to HKD 112.70 and peer Xpeng’s shares have tumbled 8.6% to HKD 168.60 following the overnight slump in Tesla Inc.’s TSLA stock in the United States. Chinese EV startup Nio Inc. NIO reported forecast-beating third-quarter earnings results on Tuesday.
Hong Kong’s benchmark Hang Seng Index opened lower on Wednesday and was down almost 1.2% at the time of writing. The index closed 0.2% higher on Tuesday.
Why Is It Moving? The Hang Seng Index is lower after China’s inflation data dampened expectations for policy easing and added to worries about a slowdown in the Chinese economy.
The producer price index (PPI) surged 13.5% in October from a year earlier and grew at the fastest pace in 26 years, while the consumer price index (CPI) quickened to 1.5%, according to a report by Reuters.
Worries about China’s troubled property sector also remained in focus. Shares of Chinese real estate firm Fantasia Holdings Group Co. plunged more than 36% as the stock resumed trading after being suspended for over a month.
Fantasia Holdings said in a regulatory filing that it failed to repay a $206 million bond that was due in early October and also warned there is no guarantee it would be able to meet other financial obligations.
Heavily indebted property developer China Evergrande Group EGRNY is scheduled to make an overdue $148 million bond payment on Wednesday, Reuters reported.
Shares of Chinese companies closed mostly higher in U.S. trading on Monday after the major averages in the U.S. closed lower. Alibaba’s shares closed almost 1.2% lower, while Nio’s shares ended lower by almost 5.9%.
Read Next: Alibaba, Tencent Help China Continue To Attract Global Investment Amid Odds
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