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Alibaba Group’s Hong Kong shares (HK:9988) soared 11% on Friday, reaching HK$133.90—its highest level since early 2022—after reporting strong December quarter earnings. The e-commerce giant’s impressive performance drove a broader rally in Chinese tech stocks, pushing the Hang Seng Index up over 2%.
Alibaba exceeded revenue expectations and announced plans to ramp up investments in e-commerce and artificial intelligence. Alibaba Cloud, a key driver of the firm’s AI strategy, saw increased demand. The company also confirmed a partnership with Apple (NASDAQ:AAPL) to enhance AI features in iPhones sold in China.
Additionally, a Wall Street Journal report revealed that GameStop (NYSE:GME) CEO Ryan Cohen had amassed a $1 billion stake in Alibaba in recent months, further fueling investor optimism.
Alibaba’s surge lifted shares of Chinese tech giants, with Baidu (NASDAQ:BIDU) (HK:9888) rising 2%, Tencent (HK:0700) gaining 3.4%, and JD.com climbing 2.6%. Investors are increasingly betting on China’s AI potential, particularly after the release of DeepSeek AI.
Alibaba, a leader in China’s AI race, launched a new AI model in January and integrated DeepSeek support into its cloud platform. With strong AI momentum and positive market sentiment, Alibaba continues to strengthen its position in the tech sector.
