Alibaba shares opened Friday at $107.40 after falling about 2%, as a sharp Hong Kong selloff spread through Chinese technology stocks. The Hang Seng Index dropped 2.6%, its largest single-session decline in more than six months, amid a rapid rise in the 10-year U.S. Treasury yield from about 4.6% in late August to above 5.3% by September. Higher yields can make bonds more attractive while reducing the present value of future corporate earnings, putting pressure on growth-oriented technology valuations. Alibaba’s American depositary receipts were down 1.5% in premarket trading even as U.S. index futures rose. Insider Fang Jiang sold 885,272 shares worth about $12 million on September 30, reducing his holdings by nearly 16% to 4.68 million shares. Alibaba’s shares have fallen 27% year-to-date, despite Wall Street retaining a Moderate Buy consensus and a $186.33 price target. Its 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.