HK Stock Market Move | BABA-W(09988) fell more than 4%, with stock prices falling more than 20% in the past month. Qianwen's head Lin Junyang announced his resignation.

BABA-W (09988) fell more than 4%, hitting a new low of 128.5 Hong Kong dollars since September last year, with a cumulative drop of over 20% in the past month. As of the time of writing, it has fallen by 4.6% to 128.6 Hong Kong dollars, with a turnover of 9.415 billion Hong Kong dollars. On the news front, according to LatePost, in the early hours of March 4th, Alibaba's technical team leader Lin Junyang suddenly posted on social media: "me stepping down. bye my beloved qwen." It was later confirmed that Lin Junyang had officially resigned from Alibaba the previous afternoon on March 3rd. Reports indicate that Lin Junyang's decision to leave may be related to the organizational adjustments that Qwen team is currently undergoing. Additionally, on the same day, Qwen's head of post-training, Yu Bowen, also officially left the company. It is worth noting that before Lin Junyang stepped down, Alibaba's Qianwen had just released the Qwen 3.5 small model series and conducted a brand integration. On the evening of March 2nd, Alibaba's Qianwen officially open-sourced 4 models from the Qwen 3.5 small model series, namely Qwen 3.5-0.8B/2B/4B/9B. Alibaba's Qianwen stated that this series of models inherits the genes of the Qwen 3.5 family, using native multimodal training and the latest model architecture to meet various needs from extreme resource limitations to high-performance lightweight applications.