The Hang Seng Index fell 0.7 per cent to 23,284.71 as of 9.58am local time, paring the gain for the week to 1.8 per cent. The Hang Seng Tech Index lost 0.5 per cent.
On the mainland, the CSI 300 Index slid 0.2 per cent, and the Shanghai Composite Index retreated 0.3 per cent.
Alibaba tumbled 6.1 per cent to HK$121 after both revenue and profit missed projections. Its affiliate Alibaba Health retreated 3.6 per cent to HK$5.05. Other mega tech stocks also fell, with Baidu sinking 2.5 per cent to HK$87.30 and Meituan shedding 2.1 per cent to HK$132.60.
Lacklustre earnings may derail a stock rebound spurred by a temporary ceasefire in the tariff war between China and the US. With the buzz on the trade front fading, investors have shifted focus to corporate earnings and macro data on the economy. Tencent Holdings this week posted mixed results, with quarterly earnings missing estimates.
Alibaba revenue rose 7 per cent from a year earlier to 236.5 billion yuan (US$32.6 billion) in the last quarter of its financial year to March, missing the Bloomberg consensus estimate of 237.9 billion yuan. Net income surged 279 per cent to 12.4 billion yuan, lower than the 22.6 billion yuan expected by analysts surveyed by Bloomberg.
