Hong Kong thwarted; in red Alibaba, JD and Xpeng

Thursday the shares of Alibaba Group Holding Limited (NYSE: BABA), JD.Com Inc. (NASDAQ: JD), Baidu Inc. (NASDAQ: BIDU) e Xpeng Inc. (NYSE: XPEV) suffered a decline in Hong Kong while Tencent Holdings Inc. (OTC: TCEHY) e Li Auto Inc. (NASDAQ: LI) are unchanged.

The movements

Hong Kong-listed shares of Chinese e-commerce giant Alibaba fell 3.3% to Hong Kong Dollars (HKD) 121.50, and shares in rival JD.Com fell 0.5% to 339. 60 HKD due to fears about the crackdown on foreign prices by the Beijing authorities.

According to a report citing Bloomberg, China is considering introducing a ban on domestic companies seeking to apply for an overseas listing through variable interest entities (VIEs).

Shares of tech firm Baidu fell 0.9% to HKD 146.40, while shares of tech conglomerate Tencent were unchanged at HKD 469.40.

Shares of electric vehicle maker Xpeng lost 4.3% to HKD 208.60, while Li Auto shares gained 0.7% to HKD 143.30 after the company said in November its deliveries have almost tripled reaching an all-time high.

Thursday the index Hang Seng Hong Kong rebounded from a weak start, but then trimmed earnings and was unchanged at the time of publication; The index closed up nearly 0.8% on Wednesday.

Why is it moving?

The Hang Seng Index trimmed gains after initial optimism dictated by the highly anticipated reopening of the border with mainland China.

Hong Kong authorities will unveil a health code system for COVID-19 that will allow travelers from the Asian financial hub to cross the border into Guangdong province and Macao on Thursday, according to the South China Morning Post. forty.

Meanwhile, casino stocks continued to be weighed down by tightening regulations on Macau casino operators.

The actions of Suncity Group Holdings Limited, which resumed trading in Hong Kong on Thursday, plummeted more than 20% despite the company making clear that the party business in Macau is run by a wholly owned subsidiary of its former president. Alvin Chau, and not from the group.

Meanwhile, the Chinese real estate development company is unlikely Kaisa Group Holdings Ltd will get bondholder approval to extend the maturity of a $ 400 million bond maturing next week, Reuters reported, citing analysts.

The shares of the gaming hardware company Razer Inc. (OTC: RAZFF) lost more than 7% in Hong Kong after a consortium that includes the company’s co-founder Tan Min-Liang has offered to take Razer off the market for HKD 10.79 billion ($ 1.38 billion).

Shares of US-listed Chinese companies closed mostly lower on Wednesday after major US equity indices finished the session sharply lower. The Center for Disease Control and Prevention has confirmed the first case of COVID-19 caused by the Omicron variant in the United States.

Shares of Alibaba closed down nearly 4% and Nio’s shares closed 2.1% in the red.

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