HK Stock Market Move | BABA-W(09988) rose by more than 2%, officially released the Qwen3-Max-Thinking model with a total parameter quantity exceeding trillions.

10:25 27/01/2026

Alibaba-W (09988) rose more than 2%, as of the time of submission, it rose by 1.69% to HK$168, with a trading volume of HK$30.43 billion.

BABA-W (09988) rose over 2%, as of the time of writing, it rose 1.69% to 168 Hong Kong dollars, with a turnover of 3.043 billion Hong Kong dollars. On the news front, according to Alibaba Cloud's official account, on January 26, Alibaba officially released the flagship reasoning model Qwen3-Max-Thinking. The total parameter amount of this model exceeds one trillion (1T), and the pre-training data amount is as high as 36T Tokens. Currently, developers can experience the Qwen3-Max-Thinking model for free on QwenChat, enterprises can obtain new model API services through Alibaba Cloud BaiLian, and ordinary users can also try out the model through the Qianwen PC and web versions. In addition, the Qianwen APP will soon be integrating the new model, and all users will be able to experience the strongest Qianwen model for free.

Ningbo Shanshan (600884.SH) may see a change in its controlling shareholder to Wanwei Group.

Broad strategy: A-shares may usher in a new round of upward cycle in the future.

Zhejiang Tenchen Controls' subsidiary has become a supplier of passenger car seats for a domestic automotive company in China.

Ningbo Shanshan (600884.SH) may see a change in its controlling shareholder to Wanwei Group.

Broad strategy: A-shares may usher in a new round of upward cycle in the future.

Zhejiang Tenchen Controls' subsidiary has become a supplier of passenger car seats for a domestic automotive company in China.