Alibaba Crashes In Hong Kong After Weak Earnings Report, Rival JD Strikes Gains

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

Alibaba’s shares have lost 10.3% to HKD 140 in Hong Kong after the Chinese e-commerce giant reported weaker-than-expected earnings results for the second quarter and also issued a below-consensus forecast for fiscal 2022.Technology company Baidu’s shares traded 3.1% lower at HKD 151.50 00 and tech conglomerate Tencent’s shares are down 1.2% to HKD 490.80.Meanwhile, JD’s shares have gained 5.2% to HKD 339.80 after the e-commerce company reported quarterly results that beat analysts’ expectations.Electric vehicle maker Li Auto’s shares have lost 5.1% to HKD 120.70 and peer Xpeng’s shares are down 3.5% to HKD 183.90.

Shares of Chinese companies closed notably lower in U.S. trading on Thursday after the major averages in the U.S. closed on opposite sides of the unchanged line.