Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) – Alibaba, JD, Tencent And Nio Rival Xpeng Fall As Hang Seng Extends Losses, Li Auto Strikes Gains

shares Alibaba Group Holding Ltd. (NYSE: Alibaba), JD.Com . Company (NASDAQ: JD), Tencent Holdings Corporation. (OTC: TCEHY), Baidu a company (NASDAQ: BIDU) and Xpeng Inc. (NYSE: XPEV) fell in Hong Kong on Tuesday, while Li Auto Inc. (NASDAQ: LI) is trading higher.

what’s moving: Shares of Chinese e-commerce giant Alibaba tumbled nearly 2.4% at HK$126.90 in Hong Kong, while its peer JD.Com shares traded Shares fell 4.2 percent to 336.00 Hong Kong dollars, and shares of technology company Baidu fell 1.8 percent to 146.10 Hong Kong dollars.

See also: How to Buy Alibaba Stock (BABA)

Technology conglomerate Tencent shares lost 1.3% to 456.40 HK dollars. China’s foreign exchange regulator has sanctioned Tencent’s online payment platform, Tenpay, with 2.78 million yuan ($0.44 million) for breaching foreign exchange standards, it was reported, citing Reuters.

Shares of electric car maker Xpeng fell 2.0% to HK$199.30, while Li Auto shares rose 2.2% to HK$132.70 after the company reported better-than-expected financial results for the third quarter.

Hong Kong Standard Hang Seng Index It opened lower on Tuesday and was down about 1.1% at the time of writing. The index closed down 0.9 percent on Monday.

Why are you moving? The Hang Seng Index extended losses for a third day amid concerns about the impact of the new Omicron COVID-19 variable on the global economy and the crackdown by regulators on Macau casino operators.

Data showing improved Chinese manufacturing activity failed to boost sentiment.

China’s official Purchasing Managers’ Index rose to 50.1 in November from 49.2 the previous month, Reuters reported, citing China’s National Bureau of Statistics.

Sun City Holding Group Limited Its shares plunged more than 38% as shares resumed trading after news of the arrest of its CEO Alvin Chow Cheok Wa for illegal gambling operations. Zhao intends to step down as Chairman and CEO of Sun City Group

Shares of Chinese companies closed mixed in US trading on Monday even as major US averages closed higher afterwards President Joe Biden He said there is no need for closures as a result of the Omicron COVID variant.

Alibaba shares closed 1.3 percent lower, while Nios shares closed down Shares closed 1.2% higher.

Now Read: Tesla’s Cybertruck ‘Deliberately Crazy Technology Vehicle’, Says Elon Musk

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