Why Alibaba And Tesla Rival Xpeng Are Rising Today Even As Hang Seng Index Drifts Lower

Shares of U.S.-listed Chinese tech companies traded mixed in Hong Kong on Thursday, while the benchmark Hang Seng Index drifted into negative territory. 

Alibaba’s shares extended gains from the previous session after significant losses recorded earlier in the week were seen as overdone.

Alibaba-backed video platform Bilibili Inc. BILI is looking to hire 1,000 new content moderators and closely monitor the health of its workers after the death of an employee due to alleged overwork, it was reported, citing Reuters.

Chinese electric vehicle maker Xpeng, seen as a Tesla Inc. TSLA rival, extended gains from the previous session after the company announced the inclusion of its shares in the Shenzhen-Hong Kong Stock Connect program.

Shares of China Evergrande Group EGRNY rose almost 3%. The heavily indebted property developer said it plans to deliver 600,000 apartments in 2022 as well as clear its debt by fully restoring construction and sales activities, as per a report by Reuters.

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

Why Is It Moving? The Hang Seng Index was down almost 0.5% at the time of writing, after strong gains in the previous session.

Tighter restrictions imposed by the Hong Kong government to contain the fifth wave of coronavirus infections and its potential impact on the economy weighed on sentiment.

Several of Hong Kong’s biggest banks and brokers have shut their branches after the financial hub recorded 1,161 new coronavirus infections on Wednesday, the South China Morning Post reported.

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

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