Shares of Alibaba Group Holding Limited BABA, Baidu Inc. BIDU, Li Auto Inc. LI and Xpeng Inc. XPEV fell in Hong Kong on Monday, while JD.Com Inc. JD and Tencent Holdings Inc. TCEHY traded higher.
What’s Moving: Alibaba’s shares have lost 0.5% to HKD 138.60 and technology company Baidu’s shares traded 1.1% lower at HKD 149.60 in Hong Kong, while tech conglomerate Tencent’s shares are up almost 0.5% to HKD 498.40.
See Also: How To Buy Alibaba (BABA) Stock
JD.Com’s shares have gained 1.7% to HKD 358.20. The South China Morning Post reported that the e-commerce giant is among the four companies that will be added to the benchmark Hang Seng Index from Dec. 6.
Electric vehicle maker Xpeng’s shares have lost 1.4% to HKD 184.60 and Li Auto’s shares are down 1.1% to HKD 119.70.
Xpeng on Friday revealed an electric SUV G9 that it plans to launch in China and international markets next year to take on homegrown rival Nio Inc. NIO and EV segment leader Tesla Inc. TSLA.
Hong Kong’s benchmark Hang Seng Index opened flat on Monday and was down almost 0.4% at the time of writing. The index closed almost 1.1% lower on Friday.
Why Is It Moving? The Hang Seng Index extended losses for a fourth straight day amid weak earnings results from Chinese tech giants such as Alibaba, following Beijing’s regulatory crackdown on Big Tech.
Food-delivery platform operator Meituan and short-video app company Kuaishou Technology are among the major companies expected to report earnings results this week.
Investors also turned cautious after it was reported that Alibaba, Tencent and Baidu are among the tech companies that were fined by China’s market regulator on Saturday for failing to declare 43 merger and acquisition (M&A) transactions over the past eight years.
Worries about China’s troubled property sector also weighed on the market. Heavily indebted property developer China Evergrande Group EGRNY has been removed from the Hang Seng China Enterprise Index.
Meanwhile, shares of China Evergrande New Energy Vehicle Group Ltd — the EV unit of Evergrande — have lost almost 0.9%. The company has raised about $347 million in a share sale, Reuters reported.
China’s central bank has hinted at possible easing measures to help boost the economy as growth weakens, as per a report by Bloomberg, citing economists at Citigroup, Nomura Holdings and Goldman Sachs Group.
Shares of Chinese companies closed mostly lower in U.S. trading on Friday after the major averages in the U.S. closed on opposite sides of the unchanged line.
Alibaba’s shares closed almost 2.3% lower, while Nio’s shares ended higher by almost 0.7%.
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