Shares of Alibaba Group Holding Limited BABA, Baidu Inc., BIDU, JD.com Inc. JD and Tencent Holdings Limited TCEHY are rising in Hong Kong on Thursday, while Chinese electric vehicle makers Xpeng Inc. XPEV and Li Auto Inc. LI are notably lower.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.2% higher at HKD 168.90 ($21.72) in Hong Kong, while e-commerce company JD.com’s shares are trading almost 0.3% higher at HKD 312.20 ($40.15) and technology company Baidu’s shares are 5.8% higher at HKD 163.60 ($21.04). Tencent Holdings’ shares are up 1.7% to HKD 496.80 ($63.89).
Meanwhile, Xpeng’s shares traded more than 5% lower at HKD 155.80 ($20.04) and Li Auto’s shares traded almost 1.9% lower at HKD 116.80 ($15.02).
See Also: How To Buy Alibaba Stock
Hong Kong’s benchmark Hang Seng Index has pared initial gains and is down 0.1% amid cautious trades.
Why Is It Moving? The Hang Seng Index drifted lower as Beijing intensified its crackdown on the tech industry. Worries about an economic slowdown in China also weighed on the market.
Chinese regulators summoned 11 ride-hailing companies, including DiDi Global Inc. DIDI, on Wednesday and demanded they cease “disorderly expansion” and rectify industry excesses.
Shares of Chinese companies closed mixed in U.S. trading on Wednesday after the major U.S. indexes closed on opposite sides of the unchanged line. Alibaba closed 3.8% higher, while electric vehicle maker Nio Inc.’s NIO shares closed almost 0.6% lower.
The Chinese electric vehicle stocks are seeing weakness over August deliveries falling short of investor expectations.
Read Next: Smartphone-Maker Xiaomi Set To Rival Tesla, Nio As It Officially Registers EV Business
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