HK Stock Market Move | BABA-W(09988) rebounds more than 4%, Taobao Tmall's "Double 11" kicks off tonight, Goldman Sachs recently raised Alibaba Cloud's revenue forecast.

BABA-W (09988) rebounds by over 4%, as of press time, up 4.05% to 161.9 Hong Kong dollars, with a trading volume of 13.919 billion Hong Kong dollars. On the news front, Taobao recently announced the schedule for the "Double 11" shopping festival, which will start at 8 p.m. on October 15 and run until November 11. Compared to previous years, this year's "Double 11" will not only have a longer duration, but Taobao will also introduce pre-sales, discounts, red packets, and instant price reductions. Tmall's Double 11 will officially start tonight at 8 p.m. According to official information released by Tmall, this year's Tmall Double 11 will have an official discount of 15% off, as well as additional discounts such as 10% off coupons, industry category coupons, and shopping vouchers. Additionally, Goldman Sachs recently raised its forecast for Alibaba's capital expenditure for the next 3 years to 460 billion yuan, the highest estimate in the market. The bank pointed out that with breakthroughs in AI models and diversified chip supply support, Goldman Sachs raised Alibaba's cloud revenue growth rate for the next three quarters to 31%, 38%, and 37% respectively. Although Alibaba's recent profits have been affected by immediate losses from e-commerce investments, the market should pay attention to the potential turnaround in profitability for Taobao and Tmall platforms, as well as the growth potential in international cloud services. Goldman Sachs believes that the stock price pullback is a buying opportunity.