Hong Kong stocks snapped a five-session winning streak on Aug. 24 as profit-taking intensified near a roughly two-and-a-half-month high and Alibaba’s large capital raise weighed on technology shares. The Hang Seng Index fell 492.13 points, or 1.89%, to 25,517.33 after dropping 2.09% in morning trading; it briefly held above 25,500 into the close. The Hang Seng Tech Index fell 3.61%, while main-board turnover reached HK$167.9 billion, or about $21.4 billion, by the midday break. Alibaba fell more than 10% intraday and closed down 8.5% after launching a placement that could raise as much as HK$80 billion, prompting concern over dilution and the near-term supply of shares. Xiaomi, Baidu, Tencent Holdings and Meituan also declined, while semiconductor and AI stocks suffered steeper losses. Sinopec, Mixue Group, Pop Mart, Mao Geping and China Life Insurance gained, highlighting a rotation toward defensive and consumer names with earnings support. Investors remained focused on China’s economic outlook and Chinese and U.S. monetary policy, while any indication that Alibaba will direct the proceeds toward growth investment could provide medium- to long-term support for the stock.