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Hong Kong-listed Alibaba dives more than 10% at open after profit plunge

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By AFP

HONG KONG: Shares in Chinese ecommerce giant Alibaba plunged more than 10 percent in Hong Kong on Friday morning, a day after it announced quarterly profit sank and lowered its revenue outlook owing to the impact of slowing economic growth and the government's tech crackdown.

The firm dived 10.26 percent to HK$140 in the opening few minutes of trade, dragging the broader index sharply lower in reaction to news that profit came in at 5.37 billion yuan ($833 million) for the July-September period. Its US-listed stock dopped more than 11 percent.

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