Why Alibaba, JD And Tesla Rivals Nio, Xpeng Are Crashing In Hong Kong Today
Shares of U.S.-listed Chinese tech companies tumbled in Hong Kong on Friday, dragging the benchmark Hang Seng Index into negative territory, on fears of increased scrutiny by American regulators and the escalating Russia-Ukraine war.
| Stock | Movement (+/-) |
|---|---|
| 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
The 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 U.S. and news that peace talks between Russia and Ukraine’s foreign ministers failed on Thursday led to a sell-off in the Hong Kong market.
The U.S. Securities and Exchange Commission has identified five Chinese companies — including Yum China Holdings Inc. (NYSE: YUMC) — that could be delisted if they failed to comply with auditing requirements.
In addition, China’s daily COVID-19 infections exceeded 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 reported better-than-expected earnings for the fourth quarter on Thursday, while its revenue missed analysts’ estimates.
Electric vehicle maker Xpeng said Thursday it has started to accept customer reservations for its P5 sedan in Denmark, the Netherlands, Norway and Sweden.
Tesla Inc. (NASDAQ: TSLA) has raised prices of the Model 3 and Model Y vehicles made at its Giga Shanghai plant by over $1,500, marking the first price hike for the Elon Musk-led company in China this year.
Shares of Chinese companies closed notably lower in U.S. trading on Thursday after the major averages ended in negative territory.
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