Hong Kong Stock Market News | Alibaba-SW opens nearly 5% lower, Q3 net profit down 77% YoY, buyback plan expanded to $25 billion.

After the release of its earnings report, BABA-SW opened nearly 5% lower. As of the time of writing, it has fallen by 4.74% to HKD 71.35, with a turnover of HKD 218 million. In terms of news, Alibaba announced its financial report, showing a revenue of CNY 260.35 billion for Q3 of the fiscal year 2024, a YoY growth of 5%, and an estimated revenue of CNY 261.25 billion. The net profit was CNY 10.717 billion, a YoY decrease of 77%; without the use of US GAAP, the net profit was CNY 47.951 billion, a YoY decrease of 4%. Alibaba plans to expand its stock repurchase program by USD 25 billion, increasing the total repurchase scale to USD 65 billion, with the repurchase period extended until the end of March 2027. CICC stated that 2024 will be a year of heavy investment for Taobao, with stable market share and GMV growth achieved through investment. The company stated that in 2024, it will focus on improving consumer frequency through product supply, pricing power, and good service, achieving healthy GMV growth and stable market share. Considering the narrowing space for cost reduction and efficiency improvement in platforms such as Taote and Taocaicai, the bank believes that there may be certain pressure on Taobao's EBITA adjustment in the future, and the high-intensity competition in the entire e-commerce industry will continue.