HK Stock Market Move | BABA-W (09988) rebounds more than 4%, Alibaba refutes rumors of mass resignation of Thousand Questions model team.

BABA-W (09988) rebounded more than 4%, as of the time of publication, it rose 4.2% to 131.6 Hong Kong dollars, with a turnover of 8.609 billion Hong Kong dollars. On the news side, on March 5th, Alibaba officially refuted rumors, clearly stating that the Thousand Question Model team is stable and there is no collective resignation situation, and that related products and services are running normally. Alibaba emphasized that Thousand Questions will adhere to an open source strategy, and the basic model team has never been set with DAU or other commercial KPIs, the team's focus has always been on model technology and general artificial intelligence research and development. Alibaba also stated that they sincerely welcome top AI talents from around the world to join them in building a world-class large model technology and open source ecosystem. JP Morgan released a research report stating that the narrative of "Qwen as a business" sees this as an execution risk premium and will not immediately break the investment logic. The core reason is that Alibaba is increasingly positioning Qwen as a system story (open weight business + cloud commercialization + consumer distribution), rather than a single release or a single person story.