Alibaba, JD, Tencent And Nio Rival Xpeng Fall As Hang Seng Extends Losses, Li Auto Strikes Gains

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 2.4% lower at HKD 126.90 in Hong Kong, while peer JD.Com’s shares have fallen 4.2% to HKD 336.00 and technology company Baidu’s shares are down 1.8% to HKD 146.10.

See Also: How To Buy Alibaba (BABA) Stock

Tech conglomerate Tencent’s shares have lost 1.3% to HKD 456.40. China’s foreign exchange regulator has penalized Tencent’s online payment platform, Tenpay, RMB 2.78 million ($0.44 million) for breaching foreign exchange norms, it was reported, citing Reuters.

Electric vehicle maker Xpeng’s shares have lost 2.0% to HKD 199.30, while Li Auto’s shares have risen 2.2% to HKD 132.70 after the company reported better-than-expected financial results for the third quarter.

Hong Kong’s benchmark Hang Seng Index opened lower on Tuesday and was down almost 1.1% at the time of writing. The index closed 0.9% lower on Monday.

Why Is It Moving? The Hang Seng Index extended losses to a third day amid worries about the impact of the new Omicron COVID-19 variant on the global economy and the crackdown by regulators on Macau casino operators.

Data showing an improvement in Chinese manufacturing activity failed to boost sentiment.

China’s official Purchasing Managers’ Index rose to 50.1 in November from 49.2 in the previous month, Reuters reported, citing China's National Bureau of Statistics.

Suncity Group Holdings Limited tumbled more than 38% as the shares resumed trading following the news of the arrest of its CEO Alvin Chau Cheok-wa for illegal gambling operations. Chau intends to step down as chairman and executive director, Suncity Group

Shares of Chinese companies closed mixed in U.S. trading on Monday even as the major averages in the U.S. ended higher after President Joe Biden said there’s no need for lockdowns as a result of the Omicron COVID variant.

Alibaba’s shares closed 1.3% lower, while Nio’s shares ended higher by almost 1.2%.

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