Alibaba Group’s Hong Kong shares (9988.HK) closed at HK$117.00 on July 31, 2026. The stock gained 4.65% during the session. Prices surged by more than 6% in early trading.
The rally followed news that Changxin Technology’s market capitalization exceeded RMB 4 trillion. Alibaba is the largest industrial investor in the firm. This valuation milestone resulted in an unrealized gain of over RMB 170 billion for Alibaba.
Market sentiment also improved following the release of the Qwen 3.8-Max-Preview AI model. Haitong International subsequently raised its profitability forecast for Alibaba’s cloud business. The brokerage also narrowed its loss forecast for the company’s food delivery segment.