Alibaba's Hong Kong shares hit one-year peak as co accelerates AI push
** Hong Kong shares of Chinese technology company Alibaba 9988.HK surge 3.9% to HK$89, their highest since Sept. 7, 2023, and on track for the second straight week of gain
** U.S.-listed stock BABA.N rose 4.8% on Thursday
** Alibaba released on Thursday new open-source artificial intelligence models and text-to-video AI technology, intensifying its efforts to compete in the booming area of generative AI
** Citi keeps "buy" rating on the stock
** "We view the product release session and detail sharing during sub-forums in the afternoon as helpful and demonstrated AliCloud product's ability to meet the evolving customer demand on AI deployment" - Citi wrote in a research note
** Hang Seng Composite Index on information technology firms .HSCIIT climbs 0.3%, Hang Seng Tech Index .HSTECH rises 1.8% and Hang Seng Index .HSI up 1.5%
** Hong Kong stock up 14.3% YTD, U.S. shares up 15.1% YTD
Reporting by Donny Kwok
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
