Alibaba's Hong Kong-listed shares fell 2% to HK$156.30 on Thursday amid a broader technology sell-off. The decline drove the Hang Seng Index down 1.4%. The Hang Seng Tech Index fell 1.1%.
The market downturn stemmed from investor concerns. These concerns include stretched valuations, heavy corporate spending, and AI's potential to disrupt established business models. This sentiment mirrored a recent technology sell-off on Wall Street, where the Nasdaq also experienced losses.