Markets

Alibaba Trades Flat But Baidu, Tencent And Nio Rivals Xpeng, Li Auto Strike Gains In Hong Kong As Latest Evergrande Worries Ease

1:14AM ET 10/22/2021 Benzinga

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded about 0.1% higher at HKD 174.00 and technology company Baidu’s shares have risen 1.4% to HKD 178.00 in Hong Kong, while e-commerce company JD.Com’s shares are down 0.2% to HKD 326.20.

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

Electric vehicle maker Li Auto’s shares traded almost 4.4% higher at HKD 124.00 and peer Xpeng’s shares have gained almost 1.6% to HKD 169.20 as of press time.

Tech conglomerate Tencent Holdings’ shares are up 0.9% to HKD 510.00.

Shares of China Evergrande Group (OTC:EGRNY), which resumed trading on Thursday after a three-week halt, have gained almost 4.3% to HKD 2.69.

The heavily indebted property developer averted default by remitting $83.5 million to pay interest on a dollar-denominated bond before this weekend’s deadline, Bloomberg reported.

Hong Kong’s benchmark Hang Seng Index was up almost 0.4% at the time of writing. The index closed almost 0.5% lower on Thursday, ending a three-day winning streak.

Why Is It Moving? The Hang Seng rebounded as worries about the Evergrande debt crisis eased. Optimism about China easing measures to support the housing market also lifted the index.

The China Banking and Insurance Regulatory Commission said on Thursday it would continue to urge banks to provide enough financial support for first-time homebuyers, Reuters reported.

Shares of Chinese companies closed mostly higher in U.S. trading on Thursday after the major averages in the U.S. also ended mostly higher.

Alibaba’s shares closed 0.1% higher, while Nio’s shares ended higher by almost 0.5%.

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