Alibaba, JD, Tencent and Nio Rivals Li Auto, Xpeng Fall In Hong Kong On Renewed Property Sector Woes

Shares of $Alibaba(BABA.US)$ , $Baidu(BIDU.US)$ , $JD.com(JD.US)$ , $Tencent(TCEHY.US)$ , $Li Auto(LI.US)$ and $XPeng(XPEV.US)$ fell in Hong Kong on Tuesday.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.9% lower at HKD 120.00 in Hong Kong, while peer JD.Com’s shares have lost 2.1% to HKD 304.00. Alibaba is scheduled to hold its virtual investor day event on Dec. 16 and 17. Technology company Baidu’s shares have fallen 3.3% to HKD 140.40 and tech conglomerate Tencent’s shares traded 0.9% lower at HKD 462.20. Meanwhile, it was reported, citing the South China Morning Post, on Monday that Alibaba and Baidu continued to gain cloud services market share in the third quarter at the cost of Huawei Technologies Co. and Tencent. Electric vehicle maker Li Auto has lost 4.2% to HKD 121.40 and peer Xpeng’s shares are down 3.9% to HKD 175.10.

Hong Kong’s benchmark Hang Seng Index opened lower on Tuesday and was down 1.2% at the time of writing. The index closed almost 0.2% lower on Monday, extending losses to a second straight session.

Why Is It Moving? The Hang Seng Index fell on Tuesday amid renewed worries about China’s property sector.

Shares of Chinese companies closed lower in U.S. trading on Monday after the major averages in the U.S. ended notably lower with investors turning cautious ahead of the Federal Reserve’s monetary policy announcement on Wednesday.