Hong Kong’s Hang Seng Index closed down 2.6% at 23,972 on Friday, roughly 640 points lower and its lowest level since July, as rising US Treasury yields pressured financial and technology shares. Alibaba shares opened at $107.40 after falling about 2%, while its American depositary receipts declined 1.5% in premarket trading. The 10-year Treasury yield rose from about 4.6% in late August to above 5%, with the newer account citing a move above 5.3% by September. HSBC fell 5.4% to HK$149.50, and the Hang Seng China Enterprises and Hang Seng Tech indexes each lost about 2.3%. Alibaba insider Fang Jiang sold 885,272 shares worth approximately $12 million on September 30, while the company’s latest quarterly revenue rose 8.6% year over year to $39.64 billion but earnings per share of $1.26 missed the $1.94 consensus estimate. Mainland Chinese markets remained closed for Golden Week, suspending Stock Connect and reducing southbound flows.