Alibaba Health Information Technology Ltd. (ALI HEALTH) saw its stock plummet 5.22% during Friday's trading session, closing at a significant loss. The sharp decline came as the broader Hong Kong stock market experienced a challenging day, with the Hang Seng Index falling 1.3% to 26,128.20 points.

The healthcare technology company's shares underperformed compared to some of its competitors, such as HKT Trust & HKT Ltd., which managed to eke out a 0.4% gain. This marks the second consecutive day of losses for ALI HEALTH, pushing the stock further away from its recent highs. The company's shares are now trading approximately 17% below their 52-week high of HK$7.50, which was reached on September 12.

While trading volume for ALI HEALTH reached 134.4 million shares, it remained below the 50-day average of 152.4 million shares. The significant drop in ALI HEALTH's stock price, coupled with the overall market downturn, suggests investors may be reassessing the company's near-term prospects within the challenging economic environment facing Hong Kong and the broader Asian markets.