On October 28, 2025, Alibaba announced the issuance of 357,000 new shares or treasury shares for share awards or options granted under its share plan[3]. This follows recent fund flows showing a net outflow of HKD 5.23 billion from Alibaba through the Shanghai-Hong Kong Stock Connect, indicating some investor caution[2]. Despite these developments, there are no major company-specific catalysts or earnings announcements today. Alibaba's stock is trading at $175.90, down 1.98%, underperforming the broader market, which is slightly positive. The decline may reflect routine dilution concerns and regional capital outflows rather than any significant new event.