Alibaba's total market value in Hong Kong has returned to 3 trillion Hong Kong dollars, Alibaba is undergoing a revival.

On September 17th, Alibaba's Hong Kong stock rose by 5.28%, reaching 161.6 Hong Kong dollars, the stock price hitting a new high in nearly four years, and the total market value returning to 3 trillion Hong Kong dollars. Compared to the beginning of the year, Alibaba's stock price has risen by nearly 100%. Many international investment banks such as JPMorgan and Goldman Sachs have recently raised their target prices, indicating a shift in the market's valuation logic for Alibaba. Two main factors driving the confidence rebound are the rapid growth of AI and cloud businesses, as well as the stabilization and rebound of traditional e-commerce. In the second quarter of 2025, Alibaba's cloud business revenue grew by 26% year-on-year, while AI-related product revenue maintained triple-digit growth for 8 consecutive quarters, entering a positive cycle of high investment and high growth. At the same time, the e-commerce foundation has stabilized and rebounded, with the flash sale business on Taobao driving a 10% year-on-year growth in customer management revenue, exceeding market expectations and boosting monthly active users on the Taobao app by 25%.