Shares of Alibaba Group Holding Limited BABA, JD.Com Inc. JD, Baidu Inc. BIDU and Tencent Holdings Inc. TCEHY fell in Hong Kong on Friday, while Li Auto Inc. LI and Xpeng Inc. XPEV traded higher.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.8% lower at HKD 160.90 in Hong Kong, while e-commerce company JD.Com’s shares have lost 2.8% to HKD 314.60 and technology company Baidu’s shares are down 1.3% to HKD 159.90.
See Also: How To Buy Xpeng Motors (XPEV) Stock
Tech conglomerate Tencent Holdings Inc.’s TCEHY shares have fallen 2.1% to HKD 470.80.
Meanwhile, electric vehicle maker Li Auto’s shares have gained 3.4% to HKD 127.10 and peer Xpeng’s shares are up 0.5% to HKD 189.60.
Hong Kong’s benchmark Hang Seng Index opened lower on Friday and was down 1% at the time of writing. The index ended a seven-day losing streak and closed 0.8% higher on Thursday.
Why Is It Moving? The Hang Seng Index is lower amid worries about a deepening liquidity crisis in China’s property sector and the resurgence of the highly infectious delta variant of the coronavirus in the mainland.
Shares of Kaisa Group Holdings Ltd. and some of its units were suspended from trading in Hong Kong on Friday after the Shenzhen-based developer property developer said a subsidiary missed payment on a wealth management product, Bloomberg reported.
Kaisa ranks second just behind embattled China Evergrande Group EGRNY in terms of offshore debt coming due for Chinese developers over the next year, according to a report by Reuters.
Meanwhile, Evergrande’s bondholders are eyeing the yacht, planes and mansions of the company’s founder Hui Ka Yan after Chinese regulators urged the billionaire to use his money to alleviate the property developer’s debt crisis, as per a report by Bloomberg.
Shares of Chinese companies closed mixed in U.S. trading on Thursday after the major averages in the U.S. also closed on opposite sides of the unchanged line.
Alibaba’s shares closed almost 0.9% lower, while Nio’s shares ended higher by 3.9%.
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