Why Alibaba, Tesla Rival Xpeng And Other Tech Stocks Are Falling In Hong Kong Today

Shares of U.S.-listed Chinese tech companies traded mostly lower in Hong Kong on Friday, dragging the benchmark Hang Seng Index into negative territory. 

The Chinese tech stocks retreated, tracking the overnight losses by their U.S. peers following a spike in bond yields.

Shares of Xpeng, seen as a Tesla Inc. TSLA rival, also fell despite the Chinese electric vehicle maker saying it has struck strategic partnerships in the Netherlands and Sweden as part of its proposed expansion into more Europe countries.

Meanwhile, the Cyberspace Administration of China (CAC) said that a symposium it held with Alibaba and other tech firms last month has given the industry a clearer picture of how to pursue development opportunities in a new regulatory landscape, it was reported, citing Reuters.

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

Why Is It Moving? The Hang Seng Index was down 0.4% at the time of writing, tracking the losses in global equities after U.S. inflation data at a four-decade high stoked concerns the Federal Reserve will increase interest rates more aggressively.

Meanwhile, China has issued new rules that will give property firms easier access to presale proceeds from residential projects that are put into escrow funds, it was reported by Reuters. The move is expected to ease the liquidity crunch in the property sector.

Shares of Chinese companies, including electric vehicle maker Nio Inc. NIO, closed lower in U.S. trading on Thursday after the major averages ended notably lower.

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