China and Hong Kong stocks fell sharply on Monday, led by technology shares, after Alibaba’s surprise $10.2 billion share placement renewed concerns over the heavy investment required to compete in artificial intelligence, Reuters reported.
The benchmark Shanghai Composite Index declined 0.7% to 3,877.3 points, while the blue-chip CSI 300 Index dropped 1.3%. Technology stocks bore the brunt of the selling, with the ChiNext Composite Index falling 3.5% and Shanghai’s tech-focused STAR50 Index sliding 3.26%.
