HONG KONG: Hong Kong stocks tumbled at the open on Friday, dragged by market heavyweight Alibaba after it announced a huge plunge in quarterly profits and lowered its revenue outlook as it was hit by a government crackdown on tech firms as well as slowing economic growth.
The Hang Seng Index sank 1.52 percent, or 385.32 points, to 24,934.40. Alibaba lost more than 10 percent.
The Shanghai Composite Index was marginally lower, dipping 1.43 points to 3,519.28, while the Shenzhen Composite Index on China's second exchange eased 0.12 percent, or 2.99 points, to 2,457.87.