Hang Seng Index drops nearly 500 points on Monday, Alibaba slumps 8pc

Hong Kong stocks plunged nearly 500 points on Monday, weighed down by tech shares, after Alibaba (9988) announced an HK$80 billion share sale to fund AI spending. 

The benchmark Hang Seng Index slumped by 492 points, or 1.9 percent, to 25,517 points at the close.

The market turnover was HK$291.2 billion.

Shares of Alibaba tanked by 8.5 percent, slightly more than the 8.4 percent discount on new shares it planned to sell. 

The Hang Seng Tech Index lost 3.6 percent to 4,594 points.

In the mainland, the Shanghai Stock Exchange Composite Index was down by 0.6 percent to 3,882 points, and the Shenzhen Stock Exchange Component Index dropped 2.1 percent to 13,794 points.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓