Alibaba, JD And Xpeng, Li Auto, BYD Surge In Hong Kong As Market Brushes Off Fed Tapering

$Alibaba(BABA.US)$ traded in the green in the Hong Kong markets Thursday alongside $BYD Co.(BYDDF.US)$ , $Tencent(TCEHY.US)$ ,and $NIO Inc(NIO.US)$ rivals $XPeng(XPEV.US)$ and $Li Auto(LI.US)$

Jack Ma-led Alibaba’s shares rose 2.24% higher at HKD 164.20 in Hong Kong, while Warren Buffett-backed automaker BYD’s shares rose almost 6.5% to HKD 311.80.

Shares of automakers Xpeng and Li Auto rose 1.24% and 6.24% to HKD 122.20 and HKD 192.30 respectively.

Tencent shares were up almost 1.6% to HKD 476.60.

On Wednesday, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said business travel would get priority if the border between mainland China and Hong Kong reopens, reported the South China Morning Post.Restricted travel between the mainland and Hong Kong amid the rising number of coronavirus cases in China weighed on investor sentiment earlier in the week.

On Thursday, Nikkei reporter Nina Xiang wrote that the large amounts of money pledged by Alibaba and Tencent to Chinese President Xi Jinping’s “common prosperity” drive will further entrench their existing dominant positions through strategic “philanthrocapitalism.”