Alibaba Group Holding Ltd. and its affiliate Ant Group jointly announced the establishment of their headquarters in Hong Kong. The companies will invest approximately HKD7.2 billion (USD925 million) to acquire multiple office floors at One Causeway Bay. This move is the largest office property transaction in Hong Kong since 2021 and signals a significant commitment to the city as a hub for future international expansion. Joseph Tsai, chairman of Alibaba, stated that the city offers professional talent, robust capital markets, and global connectivity, making it an ideal base. This news comes as Hong Kong's stock market saw a significant rally, with Alibaba's shares gaining 4.8% to HK$161.80, driven by easing US-China trade tensions and strong economic data from China. The announcement also coincides with the kickoff of Alibaba's annual Singles Day shopping festival on its Tmall platform, which this year will heavily feature the integration of artificial intelligence to enhance the consumer experience.