BPALIBA@EC2604A(27819.HK)

The NASDAQ Golden Dragon China Index preliminarily closed down 0.6%. Among popular Chinese concept stocks, XPeng fell 8.2%, BYD fell 6.7%, PONY fell 4.2%, WERIDE fell 4.1%, and Alibaba fell 0.6%; while PDD rose 2.3%, YUM CHINA rose 2.4%, and New Oriental rose 2.8%

Alibaba to spend $431 million for Lunar New Year AI push as chatbot war heats up

Alibaba plans to invest 3 billion yuan ($431 million) in its Qwen AI app during the Lunar New Year, significantly outspending rivals Tencent and Baidu. The campaign, starting February 6, will offer incentives for dining and entertainment, with continuous distribution of large red envelopes. This competition among Chinese tech firms aims to attract users during the festive period, which begins on February 15. Tencent's campaign for its Yuanbao chatbot also starts soon, highlighting the intensifying rivalry in China's AI sector.

Hong Kong stocks close | Hang Seng Index falls 2.23%, technology sector under significant pressure, precious metals plummet

On February 2nd, Hong Kong stocks closed lower across the board, with all three major indices declining and the technology sector under pressure. The top ten stocks by trading volume all closed in the green, reflecting short-term profit-taking pressure in the market. The pace of economic recovery and macro data have become the focus of attention, with an increase in cautious sentiment among investors

According to the "All-Day Express," the Hang Seng Index fell by 611 points; the Hang Seng Tech Index dropped by 191 points, Alibaba fell by over 3%, and BJ ENT WATER reached a new high with active trading

The Hang Seng Index closed at 26,775 points, down 611 points or 2.2%. The Hang Seng Tech Index reported 5,526 points, down 191 points or 3.4%. The total market turnover was HKD 347.886 billion. Alibaba fell 3.5%, closing at HKD 163.3. Other heavyweight stocks such as Ping An, Meituan, and Tencent also experienced varying degrees of decline. Individual stocks like BYD and XPeng saw larger drops, falling 6.9% and 6.8% respectively

Hong Kong stocks intraday | The three major indices collectively fell, with heavyweight stocks like Tencent and Alibaba experiencing significant declines, while the AI sector showed independent market performance

In the Hong Kong stock market, the three major indices collectively fell, with the Hang Seng Index losing its recent high. The Hang Seng Tech Index and the National Enterprises Index also saw significant declines. The retail sector is under noticeable pressure, with major leading stocks lacking significant positive news, and institutional and investor sentiment is cautious. Tencent Holdings fell by 2.39%, and Alibaba -W dropped by 3.84%. Currently, there are no significant new positive factors at the macro level, and funds are focused on global risk appetite and the exchange rate of the Renminbi. The overall market performance is under pressure, awaiting external and policy-driven momentum