Alibaba, JD And Nio Rival Li Auto Strike Gains Even As Hang Seng Extends Losses Amid Macau Gambling Crackdown

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares have gained almost 2.2% to HKD 131.90 in Hong Kong, while peer JD.Com’s shares have risen 2.0% to HKD 353.00 and tech conglomerate Tencent’s shares have advanced 1.0% to HKD 468.

See Also: How To Buy Alibaba (BABA) Stock

Technology company Baidu’s shares are up 1.7% to HKD 150.20.

Electric vehicle maker Li Auto’s shares have risen 3.5% to HKD 128.90, while peer Xpeng’s shares have lost almost 1% to HKD 204.20.

Hong Kong’s benchmark Hang Seng Index opened lower on Monday and was down 0.5% at the time of writing. The index closed almost 2.7% lower on Friday.

Why Is It Moving? The Hang Seng Index extended losses amid worries about a crackdown by regulators on Macau casino operators.

Shares of Sun Entertainment Group Limited tumbled almost 24% after controlling shareholder Alvin Chau Cheok-wa was arrested for alleged illegal gambling operations, Bloomberg reported.

Trading in shares of Suncity Group Holdings Limited, where Chau is CEO, was suspended following the news, while shares of Sands China Ltd. and Galaxy Entertainment Group Limited also traded notably lower.

In addition, food-delivery giant Meituan MPNGF reported a worse-than-expected loss for the third quarter on Friday, according to a report by the South China Morning Post.

The results include the impact of a $530 million fine imposed on the company by Chinese regulators last month for antitrust violations.

Shares of Chinese companies closed mostly lower in U.S. trading on Friday after the major averages in the U.S. ended sharply lower amid worries about the impact of the recently discovered Omicron coronavirus strain on the global economy.

Alibaba’s shares closed 2.3% lower, while Nio’s shares ended lower by almost 3.5%.