Chinese internet stocks fell in Hong Kong on Monday following a selloff in comparable American depositary receipts late last week, as the fear of more U.S. delistings led many investors to re-evaluate the risks of an already battered technology sector.

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, slid 3.3% to its lowest level, after Alibaba Group Holding Ltd. , Inc. and other internet stocks logged sizable declines. The benchmark, which launched in July 2020, has lost close to a third of its value this year, and is down 45% from a peak in February.

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