Alibaba Dips But JD, Tencent And Nio Rivals Xpeng, Li Auto Strikes Gains In Hong Kong

$JD.com(JD.US)$ , $Tencent(TCEHY.US)$ , $Baidu(BIDU.US)$ , $Li Auto(LI.US)$ and $XPeng(XPEV.US)$  rose in Hong Kong on Friday, while $Alibaba(BABA.US)$ traded lower.

Chinese e-commerce giant Alibaba’s shares traded 0.4% lower at HKD 162.60 in Hong Kong, while e-commerce company JD.Com’s shares have gained 5.0% to HKD 329.00 and technology company Baidu’s shares have risen 1.9% to HKD 163.50.JD.Com said transaction volume during the Singles’ Day shopping event this year totaled a record RMD 349.1 billion ($55.3 billion) on its platform as of Nov. 11 midnight. This compares with the transaction volume of RMB 271.54 billion ($43.0 billion) recorded last year.Meanwhile, Alibaba said its Singles’ Day sales this year came at a record RMB 540.3 billion ($84.5 billion), up from $74.1 billion last year.

Why Is It Moving? The Hang Seng Index is rising amid optimism that Beijing would ease regulatory crackdowns on the technology and property sectors ahead of the release of key economic data next week.Record Singles’ Day 2021 sales reported by Alibaba and JD.Com also lifted sentiment.

Shares of property developers rose following news that China’s policymakers may relax funding restrictions on the developers.

Meanwhile, $DiDi Global (Delisted)(DIDI.US)$ is preparing to re-introduce its ride-hailing and other apps in China by the end of this year amid expectations Chinese regulators will wrap up data-security investigations into the company, Reuters reported.