Hong Kong shares close lower as tech giants weigh

** The provincial government of Guangdong was aiming to release a framework debt restructuring plan for Evergrande by March, according to a report on Friday. ** Shimao Group and Agile Group rose 0.2% and 7.4%, respectively, following asset sales to state-backed firms to raise money.

Hong Kong shares closed lower on Monday, dragged down by index heavyweight Alibaba following a report about a corruption scandal, while other tech giants also weighed. ** The Hang Seng index fell 1.2%, to 24,656.46, while the China Enterprises index lost 1.5%, to 8,658.11 points.

** Alibaba Group slumped 6.3% and was the biggest drag on the Hang Seng Index, after a report said its financial affiliate Ant Group was connected to a corruption scandal. ** China's top anti-graft watchdog pledged to investigate and punish any corrupt behaviour found behind internet platform monopolies.

** Meanwhile, the Hang Seng Tech index dropped 2.8%, tracking Wall Street losses with the U.S. Federal Reserve expected to confirm it will soon start draining the massive pandemic-era liquidity. ** Meituan and Tencent Holdings fell 2.2% and 1.1%, respectively.

** Shares of China Evergrande Group jumped nearly 4% after it named a state firm official to its board. ** The provincial government of Guangdong was aiming to release a framework debt restructuring plan for Evergrande by March, according to a report on Friday.

** Shimao Group and Agile Group rose 0.2% and 7.4%, respectively, following asset sales to state-backed firms to raise money. ** China's real estate sector will likely see "significant easing" in policies that govern it, BNP Paribas Asset Management said, months after starting to build a long position in that sector's debt.