HK Movers | EV Stocks Gain; XPeng up 6%; Leapmotor up 4%; Chery Auto, Nio up 3%

EV stocks rose in Hong Kong. XPeng rose 6%; Leapmotor rose 4%; Chery Auto, Nio rose 3%; BYD rose 2%; Li Auto rose 1%.

XPeng and Alibaba Strengthen Partnership to Include Security Algorithms

Chinese tech giant Alibaba Group has announced on Thursday that it is further expanding its cooperation agreement with Guangzhou-based XPeng to jointly develop automotive security algorithms.

Alibaba is XPeng‘s largest institutional shareholder, holding 33.5 million shares as of the end of the second quarter. Its stake was valued at $713.3 million.

The two parties aim to provide users with safer and more reliable services, including post-quantum security tech through its Alibaba Cloud service.

They plan to apply post-quantum encryption to areas such as AI, V2X, chips, robotics, and flying cars.