Alibaba (NYSE: BABA), JD.com (NASDAQ: JD) – Alibaba and Nio vie with Xpeng, Li Auto strike wins in Hong Kong as JD and Tencent fall as Chinese debt and power crises remain d ‘news
Actions of Alibaba Group Holding Limited (NYSE: BABA), Xpeng Inc. (NYSE: XPEV) and Li Auto Inc. (NASDAQ: LI) are up in Hong Kong on Wednesday, while JD.Com Inc. (NASDAQ: JD), Baidu Inc. (NASDAQ: BIDU) and Tencent Holdings Inc. (OTC: TCEHY) are trading lower.
What is moving: Shares of Chinese e-commerce giant Alibaba traded up 2.4% to HKD 138.60 in Hong Kong, while shares of e-commerce company JD.Com fell 0.6% to HKD 274.00 and those of technology company Baidu about 0.1% to HKD 143.70.
See also: How to Buy Xpeng Engine Stock (XPEV)
Meanwhile, shares of electric vehicle maker Li Auto rose 4% to HKD 103.60, and shares of its counterpart Xpeng rose 2.3% to HKD 137.60.
Shares of tech conglomerate Tencent Holdings were down 0.4% to HKD 448.00.
The Hong Kong benchmark Hang Seng Index has drifted down after a positive start and is down nearly 0.9% at the time of writing. The index closed up nearly 0.3% on Tuesday.
Why is it moving? Hang Seng Index Pulls Back Amid Concerns Over China’s Heavily Indebted Real Estate Sector Following China Evergrande Group (OTC: EGRNF) debt crisis. The electricity crisis in China also continued to weigh on investor morale.
Rating agency Fitch reviews said he downgraded the Chinese real estate developer Sinic Holdings (Group) Company Limited after some of the company’s subsidiaries failed to pay interest on onshore financing agreements
Meanwhile, the South China Morning Post reported that China is expected to approve the first batch of rental-backed real estate investment trusts (REITs) soon, as part of efforts to control soaring house prices. .
China has ordered its banks to prioritize loans to coal and energy companies to overcome the electricity crisis and secure supplies in the winter, according to a Bloomberg report.
Shares of Chinese companies closed sharply higher in US trading on Tuesday after major US averages rebounded from a sell-off in the previous session.
Shares of Alibaba closed up 2.5%, while those of Nio stocks ended up 1.4%.
Read more: Tesla still pays its debts, says Elon Musk as company prepays loan to China
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