BP#ALIBARC2612B

Hong Kong to issue first batch of stablecoin issuer licenses next month.

BOCI releases report stating AI model evolution path is clearing, computing power may face shortages.

Alibaba Cloud's Qwen Opens Sources Three Medium-Sized Models with Strong Performance

UBS maintains bullish outlook on Chinese tech stocks despite AI headwinds

Alibaba Sees Significant Net Inflows from Southbound Stock Connect

Alibaba Cloud Launches "Coding Plan" Subscription Service with Qwen 3.5 and Other Top Open-Source Models

China's National Bureau of Statistics to release February PMI data.

Southbound Stock Connect fund flow statistics released

Hong Kong stocks close lower: Hang Seng Index falls 1.8%, Alibaba leads decline on AI concerns.

Alibaba Cloud Launches Strongest Coding Plan Service

Alibaba Cloud launches four open-source models including Qwen3.5 and GLM-5.

Benchmark and Mizuho raise Alibaba stock price targets.

Futu News to release Alibaba options activity analysis report.

New Chinese e-commerce regulations banning forced merchant promotions to take effect in February 2026.

Hong Kong stocks open higher; Alibaba shares rise ahead of Budget release

Alibaba Cloud AI Alliance Summit to be held in Singapore

Alibaba is projected to go ex-dividend for its annual payout in mid-June.

Analysts see valuation recovery opportunity for Alibaba driven by Qwen 3.5 AI model.

Regulators Summon Fliggy Platform; New E-commerce Rules Spark Compliance Concerns

Alibaba.com Launches Annual 'March Expo' B2B Sales Event

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

UNI PRINTSHOP

CHERISH SUN

NE ELECTRIC

SINO GAS HLDGS

MANY IDEA CLOUD

CREATIVE CHINA

02423

BEKE

09988

89988

HBBD

BABA

02319

CIADY

09868

XPEV

0225 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) Today, Hong Kong Financial Sec. Paul Chan unveiled the FY2026/27 Budget, focused on I&amp;T and finance, with measures to support the AI industry, advance RMB internationalization, improve livelihoods, and develop the Northern Metropolis. On hard tech, the HKSAR Gov. will set up a HK$10 bn I&amp;T Industry Co-investment Fund, targeting strategic areas including life sciences &amp; healthcare, AI and robotics. The Budget projects Hong Kong GDP growth of 2.5%-3.5% in 2026...

HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap

---

MELI

GOOG

GOOGL

ROKU

KBAB

BABO

BABX

GGLS

GGLL

Below is Dolphin Research's transcript of the FY25 Q4 earnings call for $Mercadolibre(MELI.US). For our earnings take, see 'Latin America's Alibaba's Split Personality: Revenue Giant, Profit Dwarf'. I. Review of key financial metrics. II. Call details. 2.1 Management highlights. 1) Brazil e-commerce strategy: GMV accelerated (+35%) on strategic investments, notably lowering the free-shipping threshold. This boosted purchase frequency and attracted new buyers...

Mercado (Trans): Will develop an in-house e-comm Agent

Latin America's 'Alibaba' — MercadoLibre (MELI) saw its shares pop on the print before reversing. After-hours weakness likely reflected negative commentary on the call.Overall, the quarter looked solid. We will review the print first, with call notes to follow.1) Strong growth but margins under pressure. Total revenue rose nearly 45% YoY, a clear acceleration vs. last qtr, though mostly helped by FX tailwinds. On a CC basis, revenue grew 47%, a slight decel vs. last qtr. Growth was robust, while...

MELI: LatAm's 'Alibaba' with a split personality — a rev. giant, profit minnow---

03690

MPNGY

00HSI

As U.S. President Trump is about to announce the State of the Union address, the Hong Kong stock index opened high at 154 points, reporting 26,745 points. Both Alibaba and Meituan saw their stock prices rise by more than 1%. Real estate stocks showed mixed performance, with New World up 1.3%, while Hang Lung and Cheung Kong experienced slight declines. The three major U.S. stock indices closed higher on Tuesday, with the market optimistic about AI-related stocks, as Anthropic signaled collaboration, boosting software stocks' stability

- U.S. President Trump is set to deliver the State of the Union address, focusing on the positive economic climate and announcing new measures to reduce costs.  
- U.S. stock indices closed positively, with the Dow up 370 points, while several tech stocks, including Anthropic and AMD, saw significant gains due to positive AI and software market signals.  
- In Hong Kong, the government is set to announce a new budget, resulting in mixed movements among real estate stocks, while tech stocks like Alibaba and Meituan experienced upward trends.

Stheadline

MEITUAN

BABA-W

Alibaba

Meituan

KraneShares 2x Long BABA Daily ETF

Hang Seng Index

On the eve of the budget announcement, the Hang Seng Index opened up 154 points, with Alibaba and Meituan rising, while Zhizhu fell nearly 6%｜Hong Kong stock market opens

01024

09888

00700

09987

02513

01888

On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the adjustment in U.S. stocks and macroeconomic concerns, the technology and catering sectors saw widespread declines, with Meituan down 4.24% and Tencent Holdings down 3.35%. Despite the weak market, KNOWLEDGE ATLAS surged against the trend, driven by positive news from AI model breakthroughs, rising 12.14%, while YUM CHINA increased by 2.55% due to strong earnings reports. Market sentiment has turned cautious, facing short-term profit-taking pressure

- On February 24, Hong Kong stocks faced a significant retreat, with major indices, including the Hang Seng Index, falling by 1.82% after reaching a high phase.  
- The declines were attributed to profit-taking pressures and cautious market sentiment, particularly affecting the tech and retail sectors.  
- Investors are closely monitoring macroeconomic indicators, including retail sales and import-export data, to assess the sustainability of local consumption and external demand recovery.

Market Heartbeat

KUAISHOU-W

BIDU-SW

TENCENT

MNSO

JD-SW

HAIDILAO

YUM CHINA

KNOWLEDGE ATLAS

KB LAMINATES

ADD NEW ENERGY

GIGADEVICE

NANFANG COMM

Tianhong Hang Seng TECH ETF(QDII)

CSOP HS TECH

HSTECH ETF

ChinaAMC Hang Seng Technology ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH ETF I

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%

On February 24, 2026, Beijing time, the Hong Kong stock market collectively weakened in the afternoon, with all three major indices adjusting high and falling more than 2%. The Hang Seng Tech Index led the decline, dragged down by a pullback in AI themes. Technology stocks generally fell, with major stocks such as Tencent Holdings, Alibaba, and Meituan showing weak performance. Funds shifted towards defensive stocks and individual stock speculation, with Aito rising sharply against the trend due to positive acquisition news. On the macro level, the market is closely monitoring liquidity and the recovery of local consumption data, with investment sentiment leaning towards caution

- The Hong Kong stock market experienced a significant downturn, with major indices falling over 2% led by the Hang Seng Index which dropped 2.01%.  
- Key sectors such as internet and retail reflected negative sentiment, influenced by a retreat in AI stocks, highlighting a broader market adjustment.  
- Notable individual stock movements included significant increases for certain companies while others like Tencent and Alibaba faced declines amid increased market caution.

DAISHOMICROLINE

MOBI DEV

PUTIAN COMM

Hong Kong stocks intraday | Hang Seng Index fell 2.3%, Meituan dropped 4.59%, Aide New Energy surged 30.28%

On February 24th, the Hong Kong stock market's midday review showed a collective pullback in the morning session, with the three major indices experiencing a unilateral adjustment. The Hang Seng Index fell by 1.93%, and the Hang Seng TECH Index dropped by 2.36%, leading the market decline. Risk aversion sentiment increased, causing technology heavyweight stocks to weaken across the board, with Meituan -W down 4.76%, leading the blue-chip decline, and Tencent Holdings down 3.44%. The internet, retail, and catering sectors were generally under pressure, but YUM CHINA rose 1.98 against the trend. In terms of individual stocks, KNOWLEDGE ATLAS surged by 20.89%, and KB LAMINATES rose by 11.09, driven by positive earnings expectations. Market focus has shifted to macroeconomic data and liquidity in the capital market

- On February 24, Hong Kong's stock market showed a notable downturn with the Hang Seng Index closing at 26,560.57, down 1.93%. 
- Sector performance was broadly negative, particularly in technology and retail, with major companies like Tencent and Alibaba seeing significant declines amid rising risk aversion and concerns over macroeconomic conditions. 
- Investors are closely monitoring economic indicators such as retail sales and unemployment to gauge the recovery potential of the Hong Kong economy.

Shandong Molong

KINGBOARD HLDG

FI2 CSOP HSI

FL2 CSOP HSI

FI CSOP HSI

Hang Seng TECH Index

Hong Kong Stock Midday Review | Hang Seng Index fell 1.93%, KNOWLEDGE ATLAS surged 20.89%, Meituan dropped 4.76%

01357

On February 24th, during the Hong Kong stock market, the three major indices collectively weakened, with the Hang Seng Tech Index leading the decline, down 2.26%. The internet and retail sectors were under pressure, and market risk aversion increased, with Tencent Holdings falling 3.16% and Alibaba dropping 2.50%. The communication equipment sector showed mixed performance, with YOFC rising against the trend by 3.84%. In terms of individual stocks, KNOWLEDGE ATLAS surged 13.57% due to the release of its flagship model, while Jiantao's laminated board rose 11.19% on positive earnings expectations. Investors are closely watching Hong Kong's retail and unemployment rate data

- On February 24, Hong Kong stocks experienced a decline as profit-taking pressures emerged after reaching recent highs, with the Hang Seng Index down 1.65% at 26,634.12 points.  
- Notable declines were observed in the tech sector, led by Tencent, Kuaishou, and Meitu, while the retail sector also suffered due to external market influences.  
- Investors are closely monitoring economic indicators such as retail sales and unemployment rates to gauge local consumer recovery, impacting market momentum and liquidity expectations.

MEITU

BYD ELECTRONIC

SHANDONG MOLONG

YOFC

Hong Kong stock market intraday | The Hang Seng Index fell 1.65%, the Tech Index fell 2.26% leading the decline, KNOWLEDGE ATLAS surged 13.57%, YOFC strengthened against the trend

.HXC

FSTC

TCEHY

The NASDAQ Golden Dragon China Index initially closed down 0.9%. Among popular Chinese concept stocks, NetEase fell 1.7%, Baidu, Pony.ai, and New Oriental dropped about 1%, while Alibaba declined 0.8%. Tencent, Pinduoduo, Xiaomi, and Li Auto rose up to 0.9%, and BYD, Meituan, YUM CHINA, WeRide, and Nio increased by up to 4.5%

Wallstreetcn

NASDAQ Golden Dragon China Index

FTSE ST China Index

CSI 300

Tencent

XIAOMI-W

Direxion FTSE China Bull 3X

E Fund CSI HK Connect Internet ETF

KraneShares 2x Long PDD Daily ETF

iShares MSCI China

GraniteShares 2x Long PDD Daily ETF

CSOP CSI300

China Southern CSI 300 ETF

Yinhua MSCI China A ETF

Roundhill China Dragons ETF

Invesco Golden Dragon China

NTES-S

NetEase

RIVN

BYTED

There is always plenty of drama around Chinese New Year. After Trump ramped up tariffs throughout 2025, the policy was effectively gutted, leaving no legal footing.In 2026, following a rush of domestic AI model launches, China ADRs never had a 'DS moment'. Model-linked names were the only ones that outperformed.Also, during Chinese New Year 2026, despite decent consumer data, HK stocks fell first and then rose, an ineffective swing. There was no standalone 'Chinese New Year bull run' during HK’s solo trading days.With Trump-era tariffs in his second term ruled unlawful, what could this mean for markets ahead? The days of blanket re-rating may be over...

With Trump tariffs axed and China models soaring, can China ADRs rally?

---

O Neil Global Advisors Inc. has acquired a new position in Alibaba Group Holding Limited (NYSE:BABA), purchasing 17,498 shares valued at approximately $3.1 million, making it the firm's 21st largest position. Other institutional investors have also increased their stakes in Alibaba. The stock opened at $154.60, with a market cap of $369.1 billion and a consensus rating of "Moderate Buy" from analysts, who have set an average price target of $195.17.

- O Neil Global Advisors Inc. acquired 17,498 shares of Alibaba Group Holding Limited, valued at approximately $3,127,000, in Q3, making it the firm’s 21st largest position.  
- Other institutional investors have also adjusted their stakes, with significant increases from Mather Group LLC and NBT Bank N A NY during the same period.  
- Alibaba holds a consensus rating of "Moderate Buy" from analysts, with an average price target of $195.17 amid fluctuating price targets from various investment firms.

Market Beat

BABA 2x Long Daily ETF - GraniteShares

Amplify Online Retail ETF

Hwabao CSI HK Equities Internet ETF

Global X E-commerce ETF

Global X Cloud Computing ETF

Krne Csi China Internet

ProShares Online Retail

O Neil Global Advisors Inc. Takes Position in Alibaba Group Holding Limited $BABA

MART

09992

HPPD

0223 | Dolphin Research Focus: Macro/Sector. 1) Major shift in U.S. tariff policy in Feb 2026, as the Supreme Court struck down global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as unconstitutional.The White House then announced a 10% temporary tariff on all global imports effective Feb 24 (later raised to 15%). The measure lasts 150 days and requires Congress approval for extension, with exemptions for critical minerals, pharmaceuticals, and other items.Approx. $175 bn of previously collected tariffs may be refunded. Near term, trade could face disruption, while longer-term cost pressures may ease...

HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap

---

HSCEI

TCTZF

Hong Kong stocks surged on February 23, led by tech shares, following a U.S. Supreme Court ruling that reduced tariffs on China. The Hang Seng Index rose 2.3% to 27,019.21, while the Hang Seng China Enterprises Index increased by 2.5%. Analysts predict a significant tariff reduction for China, from 32% to 24%. U.S. President Trump is scheduled to visit China from March 31 to April 2, which is boosting market sentiment. The Hang Seng Tech Index climbed 4%, with notable gains from Alibaba and Tencent. Overall, the market is optimistic about China's economic recovery and upcoming events.

- Hong Kong stocks surged on February 23, with the Hang Seng Index rising 2.3% to 27,019.21, bolstered by positive sentiment following a U.S. Supreme Court ruling on tariffs.  
- The ruling reduced tariffs on China from 32% to 24%, prompting optimism in the market as U.S. President Trump plans a visit to China in late March.  
- Major tech stocks, including Alibaba and Tencent, saw significant gains, while early data indicated strong demand during the Chinese New Year holiday, leading to positive economic outlooks.

Reuters

Hang Seng China Enterprises Index

Tencent Holdings Limited

ISHARESHSI

ISHARESHSTECH

YieldMax BABA Option Income Strategy ETF

Hong Kong shares bounce after US Supreme Court tariff ruling; tech shares lead

82824

02840

09824

02824

The Hang Seng Index opened 385 points higher this morning, reaching a maximum increase of 743 points to 27,156 points. It reported 27,017 points at noon, up 604 points or 2.29%. Technology stocks performed strongly, with Alibaba, Tencent, and MEITUAN all seeing significant gains. Gold-related stocks also rose broadly due to the increase in gold prices. However, some AI-related stocks, such as IM Motors, experienced a sharp decline. Analysts believe that Hong Kong stocks are influenced by tariff policies and are expected to test 27,300 points in the short term, but the future market trend still needs to pay attention to the situation of the mainland's reopening

- The Hang Seng Index opened 385 points higher, reaching a peak of 27,156 before falling to 27,017, up 2.29% by noon.  
- Notable blue-chip stocks like Alibaba and Tencent drove the rise, with Alibaba gaining over 3% and Meituan nearly 7%.  
- Analysts expect a potential rebound in technology stocks due to eased valuation pressure and increasing AI application, though concerns about the impact of global tariff adjustments remain.

EFUND GOLD MI-R

SPDR GOLD TRT

EFUND GOLD MI-U

EFUND GOLD MI ETF

The Hang Seng Index rose more than 600 points in half a day, surpassing the 27,000 mark. ATM contributed to the rising market, while Zhipu fell more than 20%｜Hong Kong stock market opens

BP#ALIBARC2612B(55949.HK)

HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap ---

Mercado (Trans): Will develop an in-house e-comm Agent

MELI: LatAm's 'Alibaba' with a split personality — a rev. giant, profit minnow---

On the eve of the budget announcement, the Hang Seng Index opened up 154 points, with Alibaba and Meituan rising, while Zhizhu fell nearly 6%｜Hong Kong stock market opens

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%