Shares of Alibaba Group Holding Limited BABA, Baidu Inc. BIDU, JD.Com Inc. JD, Tencent Holdings Inc. TCEHY, Li Auto Inc. LI and Xpeng Inc. XPEV fell in Hong Kong on Tuesday.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.9% lower at HKD 120.00 in Hong Kong, while peer JD.Com’s shares have lost 2.1% to HKD 304.00.
Alibaba is scheduled to hold its virtual investor day event on Dec. 16 and 17.
See Also: How To Buy Alibaba (BABA) Stock
Technology company Baidu’s shares have fallen 3.3% to HKD 140.40 and tech conglomerate Tencent’s shares traded 0.9% lower at HKD 462.20.
Meanwhile, it was reported, citing the South China Morning Post, on Monday that Alibaba and Baidu continued to gain cloud services market share in the third quarter at the cost of Huawei Technologies Co. and Tencent.
Electric vehicle maker Li Auto has lost 4.2% to HKD 121.40 and peer Xpeng’s shares are down 3.9% to HKD 175.10.
Hong Kong’s benchmark Hang Seng Index opened lower on Tuesday and was down 1.2% at the time of writing. The index closed almost 0.2% lower on Monday, extending losses to a second straight session.
Why Is It Moving? The Hang Seng Index fell on Tuesday amid renewed worries about China’s property sector.
Shimao Group Holdings Ltd.’s stock was downgraded by JPMorgan Chase & Co. JPM to underweight citing heightened liquidity concerns, it was reported by Bloomberg.
The move comes after Fitch Ratings downgraded China Evergrande Group EGRNY and Kaisa Group Holdings Ltd. to “restricted default” last week as the highly indebted property developers failed to make payments on dollar bonds.
Shimao Group’s shares tumbled more than 11% on Tuesday after falling 12.2% on Monday.
Worries about the spread of the Omicron coronavirus variant also weighed on the market after the first case in the mainland was detected in the northern Chinese city of Tianjin, Reuters reported.
FWD Group, the Hong Kong-based insurer backed by tycoon Richard Li Tzar-Kai, will drop its New York listing plan and is likely to list in Hong Kong in the first half of next year, as per the South China Morning Post.
Shares of Chinese companies closed lower in U.S. trading on Monday after the major averages in the U.S. ended notably lower with investors turning cautious ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
Alibaba’s shares closed almost 2.3% lower, while Nio’s shares ended lower by almost 1.8%.
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