Benzinga | Oct 29, 2021 10:15AM EDT

Alibaba, Tencent, Baidu And Nio Rival XPeng Dip As Hang Seng Index Extends Losses

Shares of Alibaba Group Holding Limited (NYSE:BABA), JD.Com Inc. (NASDAQ:JD), Tencent Holdings Inc. (OTC:TCEHY), Baidu Inc. (NASDAQ:BIDU) and Xpeng Inc. (NYSE:XPEV) fell in Hong Kong on Friday, while Li Auto Inc. (NASDAQ:LI) traded higher.

What's Moving Chinese e-commerce giant Alibaba's shares traded almost 0.7% lower at HKD 164.10 in Hong Kong, while e-commerce company JD.Com's shares were down 0.5% to HKD 311.00 and technology company Baidu's shares have lost 0.4% to HKD 162.80.

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

Tech conglomerate Tencent Holdings' shares are down 0.7% to HKD 484.80.

Electric vehicle maker Li Auto's shares have risen 0.6% to HKD 129.90, while peer XPeng's shares are down 0.2% to HKD 181.70.

Hong Kong's benchmark Hang Seng Index opened lower on Friday and was down almost 0.5% at the time of writing. The index closed almost 0.3% lower on Thursday.

Why Is It Moving? The Hang Seng Index is lower for a fourth straight day following weak earnings results from companies such as oil producer PetroChina Company Limited, Ping An Insurance (Group) Co., property developer China Vanke Co. Ltd. and Warren Buffett-backed carmaker BYD Company Limited this week.

China Evergrande Group (OTC:EGRNY) averted a potential default for the second time in a week after the property developer made an overdue interest payment for an offshore bond just before a grace period expired on Friday, Bloomberg reported.

Hong Kong has exited from its position among the three initial public offering venues globally as Beijing intensified its regulatory crackdown on various sectors, as per another report by Bloomberg.

Shares of Chinese companies closed mostly higher in U.S. trading on Thursday after the tech-heavy Nasdaq Composite and the S&P 500 averages closed at record highs.

Alibaba's shares closed 0.3% higher and Nio's shares ended higher by almost 3.8%.

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