Alibaba, Nio Spike, EV Peers Mixed: What's weighing on Hong Kong stocks today

Hong Kong shares edged higher midday on Friday, with gains in energy and property stocks offsetting weakness in most technology and consumer discretionary sectors. Electric vehicle stocks traded on a mixed note.

Tech Mixed: After a break on Thursday, Alibaba Group Holding Ltd BABA shares rose sharply. During the day, the stock rose to its highest level since mid-February, suggesting improved sentiment towards the struggling e-commerce giant.

The benefit comes despite China's cyberspace regulator announcing mandatory security reviews of data export rules for Alibaba and its peers from September 1.< /p>

The South China Morning Post, an Alibaba-owned media company, reported that company founder Jack Ma was spotted at a university in the Netherlands learning to improve food production.

Alibaba has been in a protracted correction since late 2020 amid Chinese regulatory repression and deteriorating macroeconomic conditions in its home country.

Chinese video platform Bilibili BILI and Baidu, Inc. BIDU also made strong progress.

In contrast, most other tech stocks including JD.com, Inc. JD, Tencent Holdings Limited TCEHY, Xiaomi Corporation XIACF, Lenovo Group Limited LNVGY were in the red.

How big tech is doing in Hong Kong Shares Movement (+/-) Ali Baba 3.94% Tencent -0.57% Baidu +2.45% JD.Com -0.81%

Related link: Why Alibaba and other Chinese companies might seek to move their primary listings to Hong Kong

EVs Trade Mixed: Nio, Inc. NIO rebounded strongly from previous session declines. XPeng, Inc. XPEV gained ground, while LI Auto, Inc. BYD Company Limited, owned by LI and Warren Buffett, fell.

How EV stocks are doing in Hong Kong Shares Movement (+/-) Nio 5...