Alibaba, Baidu And Nio Rival Li Auto Dip In Mixed Hong Kong Market; These Stocks Are Striking Gains

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.9% lower at HKD 121.50 in Hong Kong after a strong 12% rally in the previous session, while peer JD.Com’s shares have risen almost 0.5% to HKD 308.40.Technology company Baidu’s shares have lost almost 0.5% to HKD 147.30, while tech conglomerate Tencent’s shares are up 1.4% to HKD 470.20.

Electric vehicle maker Li Auto’s shares have fallen 2.1% to HKD 120.00, while peer Xpeng’s shares traded flat at HKD 185.70.

Meanwhile, shares of $Weibo(WB.US)$ , the Chinese equivalent of $Twitter (Delisted)(TWTR.US)$ , fell in their Hong Kong trading debut on Wednesday. The shares opened 6% lower at HKD 256.20, compared to the listing price of HKD 272.80.

Why Is It Moving? The Hang Seng Index opened higher amid improved risk appetite after the People's Bank of China said Tuesday it wil cut the reserve requirement ratio (RRR) for major commercial banks for the second time this year.

Shares of Chinese companies closed higher in U.S. trading on Tuesday after the major averages in the U.S. ended notably higher amid easing concerns about the Omicron coronavirus vairant.