Tech Slump Weighs on China Stocks; Alibaba Lifts Hong Kong

Mainland China stocks saw a decline on Thursday due to weaknesses in technology shares, following a sell-off in the region. However, Alibaba's performance was a bright spot for Hong Kong shares, while reduced expectations of a Federal Reserve rate hike provided some market support.

Tech share weakness dragged mainland China stocks lower on Thursday, reflecting broader regional sell-offs. Investors watched as the market tumbled on the heels of technology's poor performance.

In contrast, Alibaba's shares provided a much-needed lift to Hong Kong's stock market, which performed robustly amidst the general downturn in technology stocks.

Meanwhile, anticipation around Federal Reserve rate hikes eased, offering some degree of support and helping to somewhat stabilize the tumultuous market situation.