Alibaba, Xpeng Lead Losers' Chart As Big Tech, EV Stocks Take A Hit In Hong Kong

Shares of major U.S.-listed firms on the Hong Kong stock exchange dropped on Tuesday as the Hang Seng index commenced the trading day in the red. The index was down over 1% on Tuesday morning.

Shares of Alibaba Group Holding Ltd. (NYSE: BABA) continued to take a beating, falling more than 2.7% on Tuesday morning. The stock has fallen more than 5% in five sessions as news about Chinese police officials summoning the company executives regarding a data breach hangs heavy on the stock.

Chinese Tesla Inc. (NASDAQ: TSLA) rival XPeng Inc's (NYSE: XPEV) shares were trading about 5% lower. The stock has lost more than 38% value in six months. Factors like sluggish delivery growth and the delisting of other Chinese companies from U.S. exchanges have been weighing on the stock.

Nio Inc. (NYSE: NIO) shares too fell more than 1.5% while Li Auto Inc's (NASDAQ: LI) shares were trading marginally down at 0.39%.

Internet giant Baidu Inc. (NASDAQ: BIDU) saw its shares lose more than 2% in opening trade. The firm is set to host its annual technology conference Baidu World on July 21, reports Enterprise Talk.

Tencent Holdings Ltd. (OTC: TCEHY) opened in the green, rising 0.66% in the morning trade while Chinese e-commerce firm JD.com opened marginally in the red on Tuesday morning.

Other Asian Markets: Elsewhere in Asia, the Nikkei was trading marginally higher at 0.8%, the Kospi was down 0.36% while the Shanghai Composite traded flat. Australia’s ASX was trending lower at 0.22% on Tuesday morning.

Global Market: The U.S. markets closed marginally lower on Monday with the Dow Jones Industrial Average declining 0.69% and the S&P 500 ending the day down 0.84%. The tech-heavy Nasdaq too concluded the day in the red, down 0.81%.

Company News: Nio Capital, an investment arm sponsored by Nio, has led a funding round in CIX Technology worth $50 million. This takes the post-investment valuation of the firm to about $300 million, the CnEVpost reported quoting local media.