Alibaba Group Holding shares dropped 2.9% in Hong Kong trading on Monday, closing at HK$149.70. This decline occurred amid a broader market downturn, which saw the Hang Seng Tech Index fall 1.5% as investors questioned the sustainability of the year's market rally.
Negative sentiment intensified following the release of key economic data from China. The figures pointed to a continuing slowdown in the national economy.
November retail sales rose just 1.3% year-over-year, marking the weakest pace recorded since December 2022. This result fell significantly below the 2.9% consensus estimate. Furthermore, industrial production and fixed-asset investment figures also failed to meet projections, raising concerns about weakening consumer sentiment and overall economic momentum.