Company’s shares jump 19 per cent as investors move on from interim results to focus on quick commerce numbers and AI development
Alibaba Group Holding jumped the most in more than three years, with the surge driven by optimism that the e-commerce juggernaut will survive cutthroat competition in on-demand delivery and that its artificial intelligence segment is gaining further traction.
The stock surged 19 per cent to HK$137.10 on Monday, its biggest gain since March 16, 2022. It was also the best performer in the Hang Seng Index, which rose 2.2 per cent.
Alibaba’s American depositary receipts (ADRs) jumped 13 per cent to US$135 in New York on Friday, defying a broad sell-off in US technology stocks.
Your personal data will be processed and information from your device (cookies, unique identifiers, and other device data) may be stored by, accessed by and shared with 88 TCF vendor(s) and 20 ad partner(s), or used specifically by this site or app.
