Alibaba drops 2%, Nio leads EV crash with 7.5% drop: Is Snap fallout behind Hang Seng bloodbath?

Hong Kong's benchmark Hang Seng opened in the red on Monday after a weaker close on Wall Street on Friday, which was dominated by a slide in social media stocks. The Hang Seng fell 0.6% at the open of trade ahead of the crucial US Federal Reserve meeting later this week, which could potentially see a 75bp rate hike.

Stock Movement NIO -7.48% Li-Auto -4.59% XPeng -4.26% Ali Baba -2.06% Baidu -1.43% Tencent Holdings -1.2% JD.com -0.4%

Electric Vehicle Diving: Nio Inc NIO leads the losers, with the stock down more than 7% on the open. Tesla Inc TSLA rival XPeng Inc XPEV fell more than 4%, while Li Auto Inc LI was down nearly 4.6% at press time.

Tech loses luster: Alibaba Group Holding Ltd shares BABA fell more than 2% at the open and Baidu Inc BIDU fell 1.43% on Monday morning. Shares of Tencent Holdings Ltd. TCEHY were down 1.2%, while buying platform Meituan MPNGF lost 0.52%.

E-commerce player JD.com Inc JD lost 1.3%.

Also read: Apple, Meta, Pfizer among top companies reporting in coming week as earnings accelerate

Company News: Nio is set to enter Germany, the Netherlands, Denmark and Sweden with its flagship ET7 sedan as well as its batteries and its domestic hires, EV reports quoting Deutsche Bank analyst Edison Yu.

China plans to categorize Chinese companies listed in the US into groups based on data sensitivity to prevent US regulators from delisting them, the Financial reported Times. About 260 Chinese companies, including Alibaba, Yum China Holdings Inc YUMC and Weibo Corp WB, could be delisted from New York stock exchanges if they fail to meet the requirements.

Macro News: Hong Kong banks are set to see their first policy rate hike in four years with the Fed's looming rate hike on Thursday to stave off 40-year high inflation, according to the South China Morning Post reported, citing analysts.

China clarified that Xi Jinping received a local Covid blow, in a bid to clear up security concerns, The Guardian reported. Zeng Yixin, Deputy Director of National Health ...