Alibaba (NYSE:BABA), (LI) – Why Alibaba and Tesla Rivals Xpeng, Li Auto Fall in Hong Kong Today
Shares of U.S.-listed Chinese tech companies traded lower in Hong Kong on Monday, dragging the benchmark Hang Seng index iin negative territory.
|Xpeng Inc. (NYSE: XPEV)||-5.3%|
|Li Auto Inc. (NASDAQ: LI) –||-3.9%|
|JD.com Inc.. (NASDAQ: JD)||-3.2%|
|Alibaba Group Holding Limited (NYSE: BABA)||-2.8%|
|Baidu inc. (NASDAQ: BIDU)||-2.3%|
|Tencent Holdings Limited (OTC: TCEHY)||-1.6%|
Why is it moving? Alibaba announced on Friday that it would announce its December quarterly results on Thursday, February 24. Investors will be looking closely at the impact of Beijing’s regulatory crackdown and weak consumer spending in China on the Chinese e-commerce giant’s results.
Li Auto — which competes with local rivals Xpeng and Nio inc. (NYSE: NIO) as well as market leader Tesla Inc.. (NASDAQ: TSLA) – aims to double production to around 200,000 electric vehicles a year at its Changzhou plant in China, it was reported on Friday.
See also: How to buy Xpeng Motors (XPEV) shares
The Hang Seng index was down 1.1% at the time of writing amid concerns over the surge in coronavirus infections in Hong Kong and its potential impact on the economy.
A possible Russian invasion of Ukraine also weighed on sentiment.
Hong Kong is considering imposing “district lockdowns” to cut chains of transmission after the financial hub reported around 2,000 suspected cases of COVID-19 on Sunday, the South China Morning Post reported.
Shares of Chinese companies closed lower in U.S. trading on Friday after major averages ended sharply lower amid concerns over a possible Russian invasion of Ukraine.
Read next: Elon Musk tweets Jibe to NHTSA, says ‘funny police’ pushed him to carry out latest Tesla recall
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.