Alibaba Sheds 1%, Nio Jumps 3%: What's Weighing On Hong Kong Stocks Today

Shares of major U.S.-listed Chinese companies traded mixed in Hong Kong on Wednesday, with tech giants like Alibaba Group Holdings, Tencent Holdings, and JD.com Inc sliding, while Baidu Inc inched higher.

Li Auto Inc led the rally in the electric vehicle segment while Nio Inc and Xpeng Inc gained at least 3%.

Shares of these Chinese companies ended mostly higher in the U.S. markets overnight on Tuesday.

Global Markets Recap: At press time, the benchmark Hang Seng Index shed 1.17%, following three straight sessions of gains.

In the U.S.,Dow Jones jumpedover 600 points as stocks bounced back on the first day of trading since last week's selloff.

Elsewhere, Japan's Nikkei 225 was trading mutedly, while Shanghai's SSE Composite Index shed 0.29%, and Singapore's SGX Nifty was down 1.27%.

Macro Factors: Oil futures fell in Asia trade, with Brent crude futures shedding 3.27% to $110.90 a barrel.

Companies In News:  JD.com's total event sales rose 10.3%, well below last year's 27.7%.

Li Auto Inc unveiled its L9 SUV for families, a six-seat, full-size flagship car.

Citigroup maintained a 'buy' rating on Xpeng stock and raised its price target from $36.70 to $51.59. It also lowered its price target on Nio to $41.1 from $87.