HK Stock Market Move | BABA-W(09988) rises more than 5% in early trading, Alibaba's Thousand Questions Model exceeds 700 million downloads, Alibaba Cloud's revenue growth expected to continue to accelerate.

BABA-W (09988) rose more than 5% in early trading, up 4.02% to HKD 160.5 as of the time of publication, with a trading volume of HKD 59.81 billion. On the news front, according to the latest statistics from the global AI open source community Hugging Face, as of January 2026, the cumulative download volume of the Tongyi Qianwen series models under Alibaba Cloud has exceeded 700 million times, making it the platform with the highest download volume of open source AI series. Data shows that in December 2025 alone, the download volume of this series of models surpassed the total download volume of models ranking from second to eighth place. In addition, Morgan Stanley expects that Alibaba Cloud's revenue growth will continue to be strong, with a year-on-year growth rate expected to accelerate to over 35%, not only higher than the previous quarter's 34%, but also with the potential to further accelerate to 40% in the fiscal year 2027. The firm believes that this growth trend reinforces Alibaba's investment logic as the "best AI enabler in China." Barclays Bank, on the other hand, emphasizes that Alibaba is the only full-stack AI leader among Chinese cloud providers, with highly competitive LLM (large language models) and AI infrastructure.