Alibaba, JD, Baidu And Nio Rival Xpeng Dip In Mixed Hong Kong Market; Li Auto Strikes Gains

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.3% lower at HKD 121.50 and peer JD.Com’s shares are down 0.5% to HKD 339.60 in Hong Kong amid worries about Beijing’s crackdowns on overseas listings.China is eyeing a ban on domestic companies that are seeking to apply for overseas listing through variable interest entities, or VIEs, it was reported, citing Bloomberg.Technology company Baidu’s shares have fallen 0.9% to HKD 146.40, while tech conglomerate Tencent’s shares were flat at HKD 469.40.Electric vehicle maker Xpeng’s shares have lost 4.3% to HKD 208.60, while Li Auto’s shares have gained 0.7% to HKD 143.30 after the company said its deliveries in November rose nearly three-fold to an all-time high.

Why Is It Moving? The Hang Seng Index pared gains after initial optimism about the long-awaited border reopening with mainland China.

Shares of Chinese companies closed mostly lower in U.S. trading on Wednesday after the major averages in the U.S. ended sharply lower. The Center for Disease Control and Prevention confirmed the first case of COVID-19 caused by the new Omicron variant in the U.S.