Hang Seng Index slumps nearly 550 points in early trading on Monday, Alibaba loses 10pc

The Hang Seng Index plunged nearly 550 points in the early morning trading session on Monday following a selloff in tech stocks.

The benchmark Hang Seng Index fell by 553 points, or 2.1 percent to 25,456 points. 

The Hang Seng Tech Index decreased by 3.5 percent to around 4,598 points.

Shares of Alibaba (9988) tanked by over 9 percent after the company announced a HK$80 billion share sale at a 8.4 percent discount.

Baidu (9888) and Xiaomi (1810) both lost over 4 percent while Tencent (0700) dipped 3 percent.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓