Benzinga | Oct 8, 2021 01:40AM EDT

Alibaba, JD And Nio Rivals Xpeng, Li Auto Strike Gains Even As Hang Seng Drifts Lower

Shares of Alibaba Group Holding Limited (NYSE:BABA), JD.Com Inc. (NASDAQ:JD), Baidu Inc. (NASDAQ:BIDU), Tencent Holdings Inc. (OTC:TCEHY), Xpeng Inc. (NYSE:XPEV) and Li Auto Inc. (NASDAQ:LI) are all trading higher in Hong Kong on Friday even as the benchmark Hang Seng Index drifted lower.

What's Moving Chinese e-commerce giant Alibaba's shares traded almost 3% higher at HKD 151.70 in Hong Kong, while e-commerce company JD.Com's shares are up 2.0% to HKD 295.80 and technology company Baidu's shares have advanced 0.6% to HKD 151.20.

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Xpeng's shares have gained almost 4.5% to HKD 148.80 and peer Li Auto's shares are up 1.9% to HKD 110.10.

Tech conglomerate Tencent Holdings' shares traded 0.6% higher at HKD 474.00.

Hong Kong's Hang Seng Index retreated after a positive start and is down almost 0.3% at the time of writing. The index closed almost 3.1% higher on Thursday.

Why Is It Moving? The Hang Seng Index drifted lower amid lingering worries about the possible collapse of heavily indebted Chinese property developer China Evergrande Group (OTC:EGRNF).

The power crisis in China also weighed on sentiment. China's energy crunch is starting to ripple across the world and could impact global supply chains, Bloomberg reported.

Chinese stocks rose on Friday after mainland markets reopened following a week-long holiday.

Shares of Chinese companies closed notably higher in U.S. trading on Thursday after the major averages in the U.S. closed in positive territory for the third straight session.

Alibaba's shares closed almost 8.3% higher, while Nio's shares ended higher by 6.9%.

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