China's housing market crisis, a liquidity squeeze crippling the nation's most prominent developers, and Beijing's drip-feed approach to stimulus have prompted global funds to dump their holdings.

The Fed kept its target rate intact at 5.25% - 5.5% on Wednesday in New York, the second pause since its "lift-off" in March 2022.

The Hong Kong Monetary Authority kept its base rate unchanged at 5.75%.

The yuan weakened after the Fed decision as U.S. government bond yields jumped and the dollar strengthened.

Each business unit will have to face the tests of market forces themselves, including the possibility of seeking their initial public offerings (IPOs).

Price Action: BABA shares traded lower by 2.18% at $83.87 premarket on the last check Thursday.