HK Stock Market Move | BABA-W(09988) rises by more than 4% again, Alibaba denies planning to invest in DeepSeek and further expand its AI to C business.

BABA-W (09988) rose over 4% again, rising 3.8% as of press time, to HK$103.8, with a trading volume of HK$21.54 billion. On the news front, there have been rumors in the market recently that Alibaba plans to invest $10 billion to subscribe for 10% of DeepSeek at a valuation of $100 billion. Alibaba Group Vice President Yan Qiao responded in a circle of friends, saying: as a Hangzhou-based Chinese company, we applaud DeepSeek, but the news of Alibaba investing in DeepSeek is false. However, some analysts point out that there is still a possibility of continued exchange and cooperation between the two parties in technology and business. In addition, it was learned from informed sources that top global artificial intelligence scientist Steven Hoi has officially joined Alibaba as Vice President of Alibaba Group, responsible for the basic models of multimodal AI To C business and Agents, and related basic research and application solutions. The source revealed that Steven Hoi will focus on the basic models of multimodal AI To C business and Agents, greatly enhancing Alibaba's AI To C business capability in combining models and applications end-to-end. At the same time, Alibaba's AI To C business is forming a top AI algorithm research and engineering team, attracting a large number of outstanding talents in the industry to join.