Alibaba, JD And Nio Rivals Xpeng, Li Auto Lead Hang Seng Lower

Shares of $Alibaba(BABA.US)$ , $Tencent(TCEHY.US)$ , $Baidu(BIDU.US)$ , $JD.com(JD.US)$ , $Li Auto(LI.US)$ and $XPeng(XPEV.US)$ are all trading lower in Hong Kong on Thursday.

Chinese e-commerce giant Alibaba’s shares traded 1.6% lower at HKD 158.60 in Hong Kong, while technology company Baidu’s shares have fallen 1.8% to HKD 158.40 and e-commerce company JD.Com’s shares have lost 1% to HKD 304.80.TCEHY shares are down 3% at HKD 469.00 after the company reported third-quarter earnings results that missed analysts’ expectations amid Beijing’s regulatory crackdown on Big Tech.Electric vehicle maker Li Auto’s shares have lost 0.9% to HKD 116.20 and peer Xpeng’s shares have fallen 0.5% to HKD 174.00.

Why Is It Moving? The Hang Seng Index is lower after attempting a recovery on news that $中国恒大(ADR)(EGRNY.US)$ averted default by making interest payments on three dollar bonds.Worries about rising inflation and a weakening Chinese economy weighed on the market.

Shares of Chinese companies closed mixed in U.S. trading on Wednesday after the major averages in the U.S. closed in negative territory.