$BABA-W(09988)$ China Merchants Securities put out a strong buy rating on Alibaba, pointing out that the company's cloud segment has seen meaningful profit improvement from MaaS and its in-house chips.
$BABA-W(09988)$ Alibaba could see a significant return on its $1.1 billion investment in CXMT if the chipmaker's upcoming large-scale IPO goes well. The potential upside being discussed is substantial.
$BABA-W(09988)$ A good sign for this to hold 115 would be the Hang Seng holding 24,400. I'm hoping the Hang Seng can turn from red to green and hold gains this time, which would be an action of strength.
$BABA-W(09988)$ The Hang Seng is doing the heavy lifting right now. It needs to hold above 24,300. If it can close at 115.30, that would fill the gap from June 10th.