Alibaba Falls But These Stocks Are Striking Major Gains In Hong Kong As Hang Seng Rebounds

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.3% lower at HKD 125.70 in Hong Kong, while peer JD.Com’s shares were flat at HKD 340.20 amid worries about the impact of the COVID-19 Omicron variant on the holiday shopping season.Tech conglomerate Tencent’s shares have risen 2.4% to HKD 470.40 and technology company Baidu’s shares are up 1.9% to HKD 147.80.Electric vehicle maker Xpeng’s shares have gained 7.0% to HKD 217.20, while Li Auto’s shares have advanced 5.2% to HKD 138.00. Li Auto reported better-than-expected financial results for the third quarter on Monday.Hong Kong’s benchmark Hang Seng Index opened higher on Wednesday and was up 1.4% at the time of writing. The index closed almost 1.6% lower on Tuesday.

Why Is It Moving? The Hang Seng Index rose after three days of losses as bargain hunters loaded up on beaten-down tech stocks.

Shares of Chinese companies closed mostly lower in U.S. trading on Tuesday after the major averages in the U.S. ended sharply lower.