In afternoon trading, shares of Alibaba listed in Hong Kong plunged 7.71%, adding to losses for the firm. The stock had also dived last Thursday following reports that Chinese regulators will probe the tech behemoth for suspected monopolistic behavior.
The broader Hang Seng Tech index shed 3.93%.
Asia markets mixed
Stocks in Asia were mixed on Monday as the final trading week of 2020 kicked off.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.21%.
Profits at Chinese industrial firms in November rose 15.5% as compared with a year earlier, according to data released by the country’s National Bureau of Statistics over the weekend.
Markets in Australia and New Zealand are closed on Monday for a holiday.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.111 after declining from levels above 90.4 in recent days.
The Japanese yen traded at 103.46 per dollar after seeing levels below 103.4 against the greenback last week. The Australian dollar changed hands at $0.7619 after recovering from a plunge to levels below $0.75 last week.
Oil prices dipped in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.51% to $51.03 per barrel. U.S. crude futures also declined 0.39% to $48.04 per barrel.