---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40033895.md"
description: "$BABA-W(09988.HK) All liquidity has been sucked up by IPO subscriptions, while the main themes are all semiconductors and data centers, so it's hard to get a rally going even if you want to."
datetime: "2026-04-20T07:30:36.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40033895.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40033895.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40033895.md)
author: "[moderndog](https://longbridge.com/en/profiles/19212784.md)"
---

# $BABA-W(09988.HK) All liquidity has been sucked up…


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