XPEV - Hong Kong Stocks Tumble Xpeng Hit Hardest As Alibaba Plans To Divest American Shares | Benzinga
The Hong Kong stock market experienced a downturn driven by worries about the Chinese economic recovery. Electric vehicle (EV) maker Xpeng Inc. (NYSE:XPEV) bore the brunt of the losses following the Alibaba Group (NYSE:BABA) announcement to sell off a substantial portion of its shares in the company.
What Happened: Hong Kong’s stocks took a tumble on Dec. 18, with the Hang Seng Index falling 1% to 16,620.23 by 11.08 am local time, reported the South China Morning Post. This came amid concerns regarding the future of China’s economy after receiving mixed activity data for November.
Xpeng’s Hong Kong-listed shares fell a substantial 5.1% to HK$56.30 ($7.22) as Alibaba unveiled plans to sell 25 million American depositary shares in the EV manufacturer. This coincided with a 1.2% decrease in the Tech Index ...