Shares of JD.Com Inc. JD, Tencent Holdings Inc. TCEHY, Baidu Inc. BIDU, Li Auto Inc. LI, and Xpeng Inc. XPEV rose in Hong Kong on Friday, while Alibaba Group Holding Limited BABA traded lower.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.4% lower at HKD 162.60 in Hong Kong, while e-commerce company JD.Com’s shares have gained 5.0% to HKD 329.00 and technology company Baidu’s shares have risen 1.9% to HKD 163.50.
JD.Com said transaction volume during the Singles’ Day shopping event this year totaled a record RMD 349.1 billion ($55.3 billion) on its platform as of Nov. 11 midnight. This compares with the transaction volume of RMB 271.54 billion ($43.0 billion) recorded last year.
Meanwhile, Alibaba said its Singles’ Day sales this year came at a record RMB 540.3 billion ($84.5 billion), up from $74.1 billion last year.
See Also: How To Buy Alibaba (BABA) Stock
Tencent Holdings Inc.’s TCEHY shares traded 1.9% higher at HKD 486.80.
Electric vehicle maker Xpeng’s shares have surged 8.7% to HKD 190.70 and peer Li Auto’s shares have risen 2.1% to HKD 120.30.
Hong Kong’s benchmark Hang Seng Index opened higher on Friday and was up 0.4% at the time of writing. The index closed more than 1% higher on Thursday, extending gains to a third straight session.
Why Is It Moving? The Hang Seng Index is rising amid optimism that Beijing would ease regulatory crackdowns on the technology and property sectors ahead of the release of key economic data next week.
Record Singles’ Day 2021 sales reported by Alibaba and JD.Com also lifted sentiment.
Shares of property developers rose following news that China’s policymakers may relax funding restrictions on the developers.
Meanwhile, Didi Global Inc. DIDI is preparing to re-introduce its ride-hailing and other apps in China by the end of this year amid expectations Chinese regulators will wrap up data-security investigations into the company, Reuters reported.
Shares of Chinese companies closed notably higher in U.S. trading on Thursday even as the major averages in the U.S. closed on opposite sides of the unchanged line.
Alibaba’s shares closed almost 2.4% higher, while Nio’s shares ended higher by 6.7%.
Read Next: Ford Is Including This Freebie For Mustang Mach-E Buyers In China
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