HK Stock Market Move | BABA-W(09988) fell by more than 3%, the first round of the Qianwen Free Order Activity System collapsed, and the red envelope sharing link was blocked by WeChat.

BABA-W (09988) fell more than 3%. As of the time of writing, it has dropped by 3.07% to 154.7 Hong Kong dollars, with a trading volume of 9.388 billion Hong Kong dollars. On the news front, on February 6th, Alibaba Qianwen launched the "30 billion yuan free order for the Spring Festival" event, distributing milk tea free order cards. Subsequently, Qianwen app experienced small-scale system failures in multiple regions across the country. In response, Alibaba stated, "We are urgently allocating resources to ensure smooth operations." It is reported that within less than 3 hours of the event launch, users have placed orders for over 1 million milk teas through the Qianwen app. It is worth noting that after WeChat blocked its own Tencent Yuanbao, the red envelope sharing link of Qianwen was also blocked by WeChat. As of the time of writing, Qianwen has topped the Apple App Store's free app chart, with Yuanbao in second place and Dou Bao in third place. Goldman Sachs released a research report stating that competition in the field of consumer-level artificial intelligence in China has further intensified before the Spring Festival this year, and it is expected that the ultimate entry point for AI will still be concentrated on TENCENT, Alibaba, and ByteDance. The report mentioned that they continue to be optimistic about Alibaba and Tencent in the one to three year dimension as the best-positioned internet giants, but also warned that some tech companies may outperform giants this year.