On January 22, Alibaba's Hong Kong stock (9988.HK) was quoted at HK$163.9 per share during the midday break, up 0.43%, with a total market capitalization exceeding HK$3.13 trillion.
It was noted that compared to the same day last year, Alibaba's Hong Kong stock price has doubled year-on-year.
On January 22, 2025, Alibaba's Hong Kong stock opened at HK$81.9 per share and closed at HK$80.8 per share.
Alibaba's US-listed stock also achieved a doubling.
On US Eastern Time January 21, Alibaba (BABA.US) closed at $168.67, up 3.87%.
On the same day last year, Alibaba's US stock closed at $83.96 per share.
Wind data shows that since the beginning of 2026, Alibaba's Hong Kong stock has gained 14.78%, while its US stock has risen over 15%.
AI has been the driving force behind the return of major internet companies like Alibaba to an upward price trend over the past year.
On January 21, the latest data from the open-source community Hugging Face showed that the number of derivative models based on Alibaba's Qwen has surpassed 200,000, making it the first open-source large model globally to achieve this milestone.
Simultaneously, the Qwen series models have exceeded 1 billion downloads, averaging 1.1 million downloads per day, fully surpassing Llama.
Previously, Alibaba's consumer-facing AI application, the Qwen APP, announced full integration with Alibaba ecosystem businesses such as Taobao, Alipay, Taobao Flash Sales, Fliggy, and Amap, which had driven Alibaba's US stock closing price above $170.
J.P. Morgan stated in a recent research report that it holds an optimistic view on the trading prospects of Alibaba-W (09988) for the next 6 to 12 months, expecting the group's stock price to overcome short-term profit pressure and be re-rated once the inflection point for monetizing "cloud business + generative AI" becomes clearer.
J.P. Morgan anticipates that Alibaba Cloud's revenue growth will continue to accelerate in the coming quarters, as generative AI workloads expand from the pilot phase to broader deployment, proving Alibaba's capability to capture and realize AI-driven demand in China.
However, J.P. Morgan also indicated that due to Alibaba's increased investments in user acquisition for food delivery, instant retail, and generative AI-native applications, its profit margins may weaken in the short term, and challenges to the growth of Gross Merchandise Volume (GMV) in Alibaba's core domestic e-commerce business persist.
Consequently, J.P. Morgan lowered its target price for Alibaba's US stock from $230 to $215, and for its Hong Kong stock from HK$225 to HK$210.
According to data disclosed by the Hong Kong Exchange, J.P. Morgan's long position ratio in Alibaba Group Holding Limited - W increased from 7.99% to 8.03% on January 15, 2026.
Citigroup's long position ratio in Alibaba Group Holding Limited - W decreased from 6.03% to 5.38% on January 14, 2026.
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