HK Stock Market Move | BABA-W(09988) falls more than 4% again, Alibaba announces management adjustments for DingTalk, Chen Hang steps down as DingTalk CEO.

BABA-W (09988) fell by more than 4%, dropping 5.37% to 107.4 Hong Kong dollars, with a trading volume of 4.852 billion Hong Kong dollars, as of the time of writing. On the news front, on June 11th, Alibaba announced a management adjustment for DingTalk: Chen Hang stepped down as CEO of DingTalk, and Chen Yusen took over. It is reported that the Alibaba Partner Committee posted an article on the company's intranet titled "Having feelings, righteousness, and growth is Alibaba's culture", criticizing the management style of the DingTalk team in harsh terms. Following this, Alibaba Group announced adjustments to the DingTalk management. It is worth noting that Alibaba CEO Wu Yongming previously clearly signaled at a financial report meeting that Alibaba's capital expenditure over the next three years may far exceed the market's previous expectation of 380 billion yuan. Jin Yuan Securities stated that in the short term, high depreciation expenses and cash outflows from investments will continue to suppress Alibaba's profit performance, and this pressure on profits is expected to continue until the first half of the 2027 fiscal year or even the first half of the 2028 fiscal year. However, in the medium to long term, this is the necessary path for Alibaba to rebuild its business moat.