Benzinga | Nov 2, 2021 10:39AM EDT

Alibaba, JD And Nio Rival Xpeng Strike Gains In Hong Kong As US-China Tensions Ease

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

What's Moving Chinese e-commerce giant Alibaba's shares traded 3.2% higher at HKD 164.60 in Hong Kong, while technology company Baidu's shares have gained 5.1% to HKD 165.10 and e-commerce company JD.Com's shares are up 4.1% to HKD 318.80.

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

Tech conglomerate Tencent Holdings Inc.'s (OTC:TCEHY) shares have risen 1.5% to HKD 476.60.

Xpeng's shares are up 1.2% to HKD 189.00, extending gains from the previous session after the electric vehicle maker reported a 233% year-over-year rise in deliveries for October. Meanwhile, Li Auto's shares have lost almost 0.6% to HKD 126.30.

Li Auto said Monday that its deliveries for October climbed 107.2% year-over-year and 7.8% month-over-month to 7,649 units.

Hong Kong's benchmark Hang Seng Index opened higher on Tuesday and was up 1.4% at the time of writing. The index closed almost 0.9% lower on Monday.

Why Is It Moving? The Hang Seng Index is rising after five days of losses -- tracking the record closing highs overnight on Wall Street -- on optimism about easing U.S.-China trade tensions.

U.S. Treasury Secretary Janet Yellen said that while the U.S. expects China to meet its commitments under the Phase 1 trade deal, it could also look at eventually lowering some tariffs in a reciprocal way, Reuters reported.

Shares of Chinese companies closed notably higher in U.S. trading on Monday after the major averages in the U.S. closed at record highs.

Alibaba's shares closed almost 3.2% higher and Nio's shares ended higher by 3.6%.