Why Alibaba And Tesla Rivals Xpeng, Li Auto Are Falling In Hong Kong Today
Shares of U.S.-listed Chinese tech companies traded lower in Hong Kong on Monday, dragging the benchmark Hang Seng Index into negative territory.
| Stock | Movement (+/-) |
|---|---|
| Xpeng Inc. (NYSE: XPEV) | -5.3% |
| Li Auto Inc. (NASDAQ: LI) – | -3.9% |
| JD.com Inc. (NASDAQ: JD) | -3.2% |
| Alibaba Group Holding Limited (NYSE: BABA) | -2.8% |
| Baidu Inc. (NASDAQ: BIDU) | -2.3% |
| Tencent Holdings Limited (OTC: TCEHY) | -1.6% |
Why Is It Moving? Alibaba said Friday it will announce its December quarterly results on Thursday, Feb. 24. Investors will closely scrutinize how Beijing’s regulatory crackdown and weak consumer spending in China impacted the Chinese e-commerce giant’s earnings results.
Li Auto — which competes with local rivals Xpeng and Nio Inc. (NYSE: NIO) as well as market leader Tesla Inc. (NASDAQ: TSLA) — aims to double production to about 200,000 electric vehicles a year at its Changzhou plant in China, it was reported on Friday.
See Also: How To Buy Xpeng Motors (XPEV) Stock
The Hang Seng Index was down 1.1% at the time of writing, amid worries about the surge in coronavirus infections in Hong Kong and its potential impact on the economy.
A potential Russian invasion of Ukraine also weighed on sentiment.
Hong Kong is considering imposing “district lockdowns” to cut off transmission chains after the financial hub reported about 2,000 suspected COVID-19 cases on Sunday, the South China Morning Post reported.
Shares of Chinese companies closed lower in U.S. trading on Friday after the major averages ended sharply lower amid concerns about a potential Russian invasion of Ukraine.
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