HK Stock Market Move | BABA-W(09988) rose nearly 3% in the morning, Taobao launched a new membership system to integrate resources from Alibaba's affiliated companies.

BABA-W(09988) rose nearly 3% in the morning, with news up 2.07% to HKD 118.4, with a turnover of HKD 46.63 billion. On the news front, on August 6th, Taobao officially launched a new membership system that integrates resources from Alibaba's subsidiaries such as Ele.me, Fliggy, and Hema, including shopping, food delivery, travel, and transportation benefits, covering various aspects of life. The benefits for 88VIP users will be upgraded. This move marks the integration of Ele.me and Fliggy into Alibaba's Chinese e-commerce business group, a significant strategic move for Alibaba as it transitions from e-commerce to a large consumer platform. Tianfeng points out that Alibaba's revenue is expected to grow steadily in the first quarter of the fiscal year 2026, with profits potentially affected by flash sale subsidies. Capital spending by overseas tech giants in this quarter exceeded expectations, with strong demand for AI, and the company's cloud business expected to maintain high growth this quarter. East Asia Securities expects Alibaba's adjusted EBITA for the first quarter of fiscal year 2026 to grow by 13% year-on-year, with cloud business expected to continue to be a growth highlight, forecasting a 23% year-on-year growth in Alibaba Cloud revenue. Investors are likely to focus on whether the group will continue to increase capital spending to support the growth of cloud computing demand.