Alibaba Group Holding Ltd. (BABA-W) saw its Hong Kong-listed shares plunge 12.55% at the market open on Monday, as part of a broader selloff in Hong Kong's technology sector. The dramatic decline comes amid a significant downturn in the Hong Kong stock market, with the Hang Seng Tech Index dropping 11% and the broader Hang Seng Index falling 9%.
The tech giant's sharp decline was not an isolated incident, as other major Chinese technology companies also experienced substantial losses. Tencent and JD.com were set to open 11% lower, while Xiaomi faced a 12% drop. The selloff extended beyond the tech sector, with electric vehicle manufacturers BYD and Nio also seeing their shares fall by 13%.
While no specific catalyst was identified for Alibaba's steep decline, the synchronized fall across Chinese tech stocks suggests broader market concerns affecting investor sentiment. Analysts are closely monitoring the situation, as this significant market movement could signal deeper issues within the Chinese technology sector or reflect broader economic concerns impacting Hong Kong's financial markets.
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