HSI Tumbles 248 pts; BABA Crashes Almost 8%; Techs Weaken

Hong Kong equities plummeted at the start of the session, dragged down by a sharp plunge in the share price of $BABA-SW(09988.HK)$ . At open, $Hang Seng Index(800000.HK)$ tumbled 248 pts or 1.4% to 17,584; $Hang Seng China Enterprises Index(800100.HK)$ eroded 87 pts or 1.4% to 6,029; $Hang Seng TECH Index(800700.HK)$ slumped 66 pts or 1.6% to 3,983.

$BABA-SW(09988.HK)$ announced that it would no longer pursue a complete spin-off of its Cloud Intelligence Group and would temporarily suspend the listing plan for Hema, causing its share price to crater 7.8% to $75.

$NTES-S(09999.HK)$ reported better-than-anticipated non-GAAP net profit for the past quarter, and its stock price opened 0.4% higher at $176.4.

As for other tech shares, $TENCENT(00700.HK)$ dipped 0.4% to $323.6. $MEITUAN-W(03690.HK)$ , $BIDU-SW(09888.HK)$ and $KUAISHOU-W(01024.HK)$ opened 2.3% to 2.6% lower, while $BILIBILI-W(09626.HK)$ opened 4.9% lower. $XIAOMI-W(01810.HK)$ opened flat at $15.7. $JD-SW(09618.HK)$ ebbed 0.6%.