Alibaba, JD, Tencent And Nio Rival Xpeng Fall As Hang Seng Extends Losses, Li Auto Strikes Gains

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 2.4% lower at HKD 126.90 in Hong Kong, while peer JD.Com’s shares have fallen 4.2% to HKD 336.00 and technology company Baidu’s shares are down 1.8% to HKD 146.10.Tech conglomerate Tencent’s shares have lost 1.3% to HKD 456.40. China’s foreign exchange regulator has penalized Tencent’s online payment platform, Tenpay, RMB 2.78 million ($0.44 million) for breaching foreign exchange norms, it was reported, citing Reuters.Electric vehicle maker Xpeng’s shares have lost 2.0% to HKD 199.30, while Li Auto’s shares have risen 2.2% to HKD 132.70 after the company reported better-than-expected financial results for the third quarter.

Why Is It Moving? The Hang Seng Index extended losses to a third day amid worries about the impact of the new Omicron COVID-19 variant on the global economy and the crackdown by regulators on Macau casino operators.

Data showing an improvement in Chinese manufacturing activity failed to boost sentiment.