Chinese e-commerce juggernaut Alibaba Group Holding (NYSE:BABA) and rival JD.com, Inc (NASDAQ:JD) are aggressively fighting for market share in Hong Kong. The companies waived delivery fees for certain orders and boosted related services like local product returns in Hong Kong,

Both firms have increased investments in the city, waiving delivery fees for some orders and boosting services such as local product returns.

Mainland China remains closed for the week-long national holiday, Taiwan is closed for a typhoon, and India is closed for Mahatma Gandhi Jayanthi, celebrating the birth of Gandhi.

Southbound investors bought HK$12.1 billion (US$1.6 billion) worth of local shares on Monday, the biggest single-day total in more than six months, according to stock exchange data. That helped propel overall turnover in Hong Kong to HK$505.8 billion, a record high.

Alibaba and JD.com are competing for Hong Kong market share amidst China's stimulus plans. Baidu, PDD, NIO, Li Auto, XPeng, and ZEEKR are also affected.

While China is celebrating the Golden Week holiday, the Hang Seng index in Hong Kong is continuing to benefit from the interest-rate cuts announced last week.