Markets

Alibaba, JD And Nio Rivals Xpeng, Li Auto All Turn Red In Hong Kong As Evergrande Tumbles On Trading-Resumption After 3-Week Pause

12:11AM ET 10/21/2021 Benzinga

Shares of Alibaba Group Holding Limited (NYSE:BABA), JD.Com Inc. (NASDAQ:JD), Baidu Inc. (NASDAQ:BIDU), Xpeng Inc. (NYSE:XPEV) and Li Auto Inc. (NASDAQ:LI) fell in Hong Kong on Thursday, while Tencent Holdings Inc. (OTC:TCEHY) traded higher.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.6% lower at HKD 174.70 in Hong Kong, while technology company Baidu’s shares have lost 1.1% to HKD 175.10 and e-commerce company JD.Com’s shares are down 0.6% to HKD 329.20.

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Xpeng’s shares have fallen 0.4% to HKD 166.70, while peer Li Auto’s shares traded almost 0.1% lower at HKD 120.00.

Meanwhile, tech conglomerate Tencent Holdings’ shares are up 0.2%.

Shares of China Evergrande Group (OTC:EGRNY), which resumed trading on Thursday after a three-week halt, have tumbled 11.5% to HKD 2.61.

The heavily indebted property developer said it has scrapped a deal to sell a majority stake in its property services unit to Hopson Development Holdings Ltd. and also warned that it may not be able to meet its financial obligations, Bloomberg reported.

Hong Kong’s benchmark Hang Seng Index was down almost 0.2% in volatile trade at the time of writing. The index closed almost 1.4% higher on Wednesday, rising for the fourth straight day.

Why Is It Moving? The Hang Seng Index fell in volatile trade as investors continued to monitor the Evergrande debt crisis, which fueled concerns about financial contagion.

Meanwhile, property developer Modern Land (China) Co. Ltd. canceled its plan to repay a portion of a $250 million junk bond and extend it just days before it was set to mature, the South China Morning Post reported.

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

Alibaba’s shares closed 0.1% higher, while Nio’s shares ended lower by 0.6%.

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