Alibaba, JD, Tencent, And Nio Rivals Xpeng, Li Auto Fall In Hong Kong Amid Market-Wide Slump Fueled By China Crackdown On Casinos

Shares of Alibaba Group Holding Limited (BABA), Xpeng Inc. (XPEV), Li Auto Inc. (LI), JD.Com Inc. (JD) and Tencent Holdings Limited (TCEHY) are all trading lower in Hong Kong on Thursday, while Baidu Inc. (BIDU) is advancing.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.9% lower at HKD 151.10 ($19.42) in Hong Kong, while e-commerce company’s shares are losing 0.4% to HKD 293.80 ($37.75) and tech conglomerate Tencent Holdings’ shares are down 0.5% to HKD 451.20 ($57.98).

Electric vehicle maker Li Auto’s shares have dropped 1.5% to HKD 113.30 ($14.56), while peer Xpeng’s shares are almost 0.3% lower at HKD 147.20 ($18.92). Xpeng launched its third mass-produced vehicle – the P5 sedan – on Wednesday.

Bucking the trend, technology company Baidu’s shares are up almost 1.2% to HKD 155.90 ($20.03).

Embattled property developer China Evergrande Group’s (EGRNF) shares are losing 6.1% to HKD 2.64 ($0.34). The company’s main unit Hengda Real Estate has applied to suspend trading of its onshore corporate bonds on Thursday and alter the trading mechanism on resumption of trade, according to a report by Reuters.

Hong Kong’s benchmark Hang Seng Index is down 1.2% at the time of writing. The index closed 1.8% lower on Wednesday.

Why Is It Moving? The Hang Seng Index is extending losses to a fourth straight day on Thursday, with particular weakness in shares of Macau casino operators after the gaming hub’s officials proposed new rules to tighten their oversight of the industry.

Shares of Chinese companies closed mixed in U.S. trading on Wednesday even as the major averages in the U.S. ended higher.

Alibaba’s shares closed almost 1.4% lower, while electric vehicle maker Nio Inc.’s (NIO) shares ended almost 0.4% higher.

Disclaimer: © 2021 Benzinga does not provide investment advice. All rights reserved.

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