Alibaba led Hong Kong tech stocks lower, pushing the Hang Seng briefly below 23,000 as AI and consumer worries hit sentiment.

The Hang Seng China Enterprises Index has fallen nearly 20% from its October peak as China's retail spending contracts and Alibaba and Tencent drag down

Hang Seng Index swings after 3.3 per cent plunge in Nasdaq 100 on concerns about frothy tech valuations.