October 3, 2023

Alibaba (NYSE:BABA), Bitcoin – United States Dollar (CRYPTO:$BTC) – Alibaba Shares Shoot Up In Hong Kong Alongside JD, Other Tech Stocks, Leading Hang Seng Higher

Shares of U.S.-listed Chinese tech companies rose in Hong Kong on Friday, leading the benchmark Hang Seng Index higher.

What’s Moving: Shares of Alibaba Group Holding Limited (NYSE: BABA), Xpeng Inc. (NYSE: XPEV), Baidu Inc. (NASDAQ: BIDU), JD.Com Inc. (NASDAQ: JD) and Tencent Holdings Inc. (OTC: TCEHY) traded higher in a range of 0.5% to 3%, while Li Auto Inc.’s (NASDAQ: LI) shares have lost 1%.

Tencent-owned messaging app WeChat will begin supporting the digital version of the yuan as the People’s Bank of China looks to expand the number of citizens using digital money, as per a report by CNBC.

The digital yuan, also known as e-CNY, is not a cryptocurrency like Bitcoin (CRYPTO: BTC).

Daily active users of WeChat mini-programs grew about 12.5% year-on-year to 450 million in 2021 even amid China’s regulatory crackdown, it was reported on Thursday, citing Bloomberg.

The Hang Seng Index opened higher on Friday and was up 0.5% at the time of writing. The index closed 0.7% higher on Thursday.

See Also: How To Buy Alibaba (BABA) Stock

Why Is It Moving? The Hang Seng Index rose for a second straight day as investors went bargain hunting and continued to pile into beaten-down tech stocks.

Meanwhile, shares of Chinese property developers including China Evergrande Group (OTC: EGRNY) fell in Hong Kong after Shimao Group defaulted on a trust loan, as per a report by Reuters.

A Chinese online car-services platform, which is formally known as Shanghai Lantu Information Technology Holding Ltd. and is backed by Tencent, plans to shift its proposed initial public offering from the U.S. to Hong Kong, the South China Morning Post reported.

Shares of Chinese companies closed mostly higher in U.S. trading on Thursday even as the major averages in the U.S. ended a lackluster session modestly lower.

Alibaba’s shares closed 4.5% higher, while Nio’s shares ended lower by 1.9%.

Read Next: Cathie Wood Sells Another $4.9M In Tesla Stock On Thursday — Buys Shares In Palantir And This Chinese E-Commerce Giant

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