Alibaba's Hong Kong shares fall after $3.2 billion convertible bond plan

** Hong Kong-listed shares of Alibaba 9988.HK fall 2.6% to HK$139.1, their biggest intraday pct drop since September 4

** Stock on course to snap four straight sessions of gains, if current trend holds; top the most actively traded shares by turnover

** Alibaba's U.S.-listed stock BABA.N closed 2.2% lower on Wednesday

** The Chinese e-commerce company said on Thursday that it plans to raise about $3.2 billion through the sale of a zero-coupon convertible bond to fund international expansion and to strengthen its cloud computing business

** The bond will convert into Alibaba's U.S.-listed shares

** Jefferies, with "buy" rating, lifts PT to $178 from $165 on expecting Alibaba to demonstrate strong execution in cloud and one-stop consumption platform based on recent developments and industry trends

** Citi keeps "buy" after Alibaba unveiled a new strategic initiative for local services with Amap

** Hang Seng Tech Index .HSTECH eases 1%, benchmark Hang Seng Index .HSI slips 0.9%

** YTD, Hong Kong stock up 71.6%, U.S.-listed shares up 71.1%