Alibaba (NYSE:BABA), NIO Inc. (NYSE:NIO) – Why Alibaba, JD and Tesla Rivals Nio, Xpeng Are Tumbling in Hong Kong Today
Shares of U.S.-listed Chinese tech companies fell in Hong Kong on Friday, dragging down the benchmark Hang Seng Index in negative territory, for fear of increased scrutiny by US regulators and the escalation of the Russian-Ukrainian war.
|JD.com Inc.. (NASDAQ: JD)||-16.5%|
|Nio Inc.. (NYSE: NIO)||-11.6%|
|Xpeng Inc. (NYSE: XPEV)||-9.8%|
|Alibaba Group Holding Limited (NYSE: BABA)||-7.5%|
|Li Auto Inc. (NASDAQ:LI)||-5.9%|
|Tencent Holdings Limited (OTC: TCEHY)||-5.7%|
|Baidu inc. (NASDAQ: BIDU)||-5.6%|
See also: How to buy Alibaba (BABA) stock
Macro-factors: The Hang Seng index opened sharply lower and was down 3.2% at press time.
Renewed regulatory concerns for Chinese companies in the United States and news of Thursday’s collapse of peace talks between the foreign ministers of Russia and Ukraine led to a sell-off in the Hong market. Kong.
United States Security and Exchange Commission identified five Chinese companies, including Yum China Holdings Inc. (NYSE: YUMC) — which could be delisted if they fail to meet audit requirements.
Additionally, daily COVID-19 infections in China topped 1,000 for the first time in two years on Friday, Bloomberg reported, citing data from the National Health Commission.
Companies in the news: JD.Com on Thursday reported better-than-expected fourth-quarter results, while its revenue beat analysts’ estimates.
Electric vehicle manufacturer Xpeng said on Thursday it began accepting customer reservations for its P5 sedan in Denmark, the Netherlands, Norway and Sweden.
Tesla Inc.. (NASDAQ: TSLA) increased the price of Model 3 and Y-model vehicles made to Giga Shanghai factory over $1,500, marking the first price increase for the Elon Musk– led business in China this year.
Shares of Chinese companies closed noticeably lower in U.S. trading on Thursday after major averages ended in negative territory.
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