JP#ALIBARC2611K

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

CASH

688688

09988

89988

HBBD

BABA

KBAB

BABO

BABX

Below is Dolphin Research's compiled FY25Q4 earnings call Trans for $Block(SQ.US). For the earnings analysis, see 'Block: US Alipay‑style platform slashes headcount by 40%! Is compute replacing labor?'.I. Core financial highlights review. II. Earnings call details; 2.1 Key messages from management.1) Core strategy and outlook. Rationale for the organizational overhaul: Despite strong 2025 performance, the company will reduce headcount from over 10,000 to just under 6,000...

Block (Trans): Layoff tailwinds to kick in Q2, margins to trend higher

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Hohimer Wealth Management LLC has reduced its stake in Alibaba Group Holding Limited (NYSE:BABA) by 33.3%, selling 14,451 shares during the 3rd quarter. After the sale, the firm holds 28,986 shares valued at approximately $5.18 million. Other institutional investors have also adjusted their positions in Alibaba, with Primecap Management and Fisher Asset Management increasing their stakes. Analysts have mixed ratings on Alibaba, with a current average rating of "Moderate Buy" and a price target of $195.17. The stock is currently trading at $148.05, down 2.8%.

- Hohimer Wealth Management LLC reduced its stake in Alibaba Group Holding Limited by 33.3%, now owning 28,986 shares worth $5,181,000.  
- Other institutional investors have adjusted their holdings, with Primecap Management Co. CA increasing its stake by 0.7%, while Fisher Asset Management LLC grew theirs by 8.0%.  
- Analysts have varying ratings on BABA, with a current average rating of "Moderate Buy" and an average price target of $195.17, amid recent fluctuations and ongoing market conditions.

Market Beat

Alibaba

BABA-W

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

YieldMax BABA Option Income Strategy ETF

Hohimer Wealth Management LLC Sells 14,451 Shares of Alibaba Group Holding Limited $BABA

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On February 27th, all three major indices of the Hong Kong stock market closed higher, with the Hang Seng Index rising 0.95% to 26,630.54 points, indicating a moderate recovery in market sentiment. Sector performance was mixed; boosted by demand for AI computing power, Longbridge surged 10.06%, while Cambridge Technology fell 8.28%. Large tech stocks showed varied performance, with Tencent Holdings up 1.17%, Kuaishou down 1.18%, and Alibaba slightly down 0.07%. The current market is in a data vacuum period, with funds maintaining high-level fluctuations and consolidating, awaiting further guidance from macro policies

- On February 27, the Hong Kong stock market closed higher, with all three major indices rebounding after a short-term adjustment, signaling a moderate recovery in market sentiment.  
- The Hang Seng Index rose by 0.95% to 26,630.54 points, indicating strong resistance despite not reaching prior highs, while the Hang Seng Technology Index and the Hong Kong Enterprise Index also increased slightly.  
- Focus shifts to post-holiday liquidity and corporate earnings expectations amidst a lack of key macroeconomic data, with investors eyeing U.S. Federal Reserve policies and mainland growth strategies.

Market Heartbeat

YOFC

TENCENT

KUAISHOU-W

BIDU-SW

JD-SW

MNSO

SANERGY GROUP

MAINLAND HOLD

Tencent Holdings Limited

Hong Kong stock market closing | Hang Seng Index rose 0.95%, stabilizing at 26,600 points, YOFC surged 10.06%, Tencent rose 1.17%

As of the time of publication, the three major indices of the Hong Kong stock market are collectively strengthening during the trading session, with the Hang Seng Index approaching its recent high. The internet sector is performing well, with Tencent Holdings leading the way due to strategic adjustments and positive data from the Spring Festival, while Alibaba is rising on expectations for its cloud business. The telecommunications equipment sector is showing divergence, with YOFC reaching a historical high due to demand for AI computing power and inclusion in the MSCI Index. Market sentiment is relatively positive, with funds focusing on macroeconomic recovery and corporate performance

- The Hong Kong stock market shows an overall upward trend with the Hang Seng Index rising by 0.99%, reflecting positive investor sentiment after profit-taking.  
- Major stocks like Tencent and Alibaba experienced gains, driven by strategic adjustments and strong trading performance, particularly in the tech and retail sectors.  
- Macroeconomic factors are under scrutiny, with investors watching retail sales and GDP growth to gauge economic resilience amid evolving Fed monetary policy expectations.

Tencent

Hong Kong stock market intraday | The Hang Seng Index rose 0.99%, approaching the recent high, Tencent Holdings rose 2.44%, YOFC surged 9.10%

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The short selling amount in the Hong Kong stock market reached HKD 21.56 billion in the half-day session, accounting for 22.1% of the total shortable stock turnover of HKD 97.45 billion. The previous day was 20%. Major shorted stocks include TRACKER FUND with a short selling ratio of 44.4% and a short selling amount of HKD 3.31 billion; CSOP HS TECH with a short selling ratio of 56.6% and a short selling amount of HKD 2.1 billion; TENCENT with a short selling ratio of 14% and a short selling amount of HKD 1.04 billion; Alibaba-W with a short selling ratio of 18.8% and a short selling amount of HKD 0.95 billion; MINIMAX-WP with a short selling ratio of 29% and a short selling amount of HKD 0.54 billion

AASTOCKS

MINIMAX-WP

TRACKER FUND

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

The short selling in the Hong Kong stock market for half a day reached HKD 21.56 billion, accounting for 22.1% of the total turnover of shortable stocks

TCTZF

601600

Morgan Stanley released a strategy report on the Chinese market, listing focus stocks for Hong Kong stocks and Chinese stocks, including a potential increase of 17.8% for Alibaba, 20.7% for CHALCO, 33.3% for CATL, 41.8% for InnoCare Pharma-B, 30.7% for Espressif Systems, 22% for Hong Kong Stock Exchange, 7.1% for HKT-SS, 0.9% for State Grid NARI, 22.6% for Ping An, 25.7% for Inovance Technology, 1.6% for China National Materials, 9.3% for Spring Airlines, 53.4% for Sunny Optical, 37% for Tencent, and 31.7% for Zijin Mining

CHALCO

Ping An

HKT-SS

Ping An Insurance

Zijin Mining

Krne Csi China Internet

FI2 CSOP HSI

FL2 CSOP HSI

FI CSOP HSI

Morgan Stanley lists focus stocks for Hong Kong stocks (table)

Alibaba Group Holding Ltd (BABA) opened down by 3.06% on February 26, 2026, amid regulatory scrutiny and geopolitical tensions. The company faces increased oversight from the U.S. government and domestic regulators, impacting its financial outlook. Analysts have lowered profit forecasts due to concerns over AI investments and potential new U.S. tariffs. The stock shows a sell signal with a MACD value of [-1.49]. Despite a recent average price target of 198.42, investor sentiment remains cautious following missed earnings expectations and ongoing regulatory challenges.

- Alibaba Group Holding Ltd (BABA) opened down 3.06%, underperforming the Software & IT Services industry, which gained 1.08%.  
- The stock's decline is attributed to regulatory scrutiny after being placed on a U.S. government watchlist, raising geopolitical risks and compliance costs, alongside increased regulatory pressure in China impacting its operations and profitability.  
- Analyst sentiment remains cautious with recent downgrades and lowered profit forecasts amid concerns over the company's strategy in the competitive AI sector and potential new U.S. tariffs affecting its market standing.

TradingKey

Alibaba Group Holding Ltd Stock Opened Down by 3.06% on Feb 26: A Full Analysis

On February 27th, the three major indices of the Hong Kong stock market collectively warmed up in the morning session, with the Hang Seng Tech Index rising 1.03% to lead the market, and the Hang Seng Index increasing 0.75% to maintain a strong oscillating pattern. The internet and retail sectors performed actively, with Tencent Holdings leading the trading volume with a rise of 2.83%, Alibaba following with an increase of 1.05%, and Yangtze Optical Fibre rising sharply by 3.85, while stocks like Kuaishou and Cambridge Technology experienced adjustments. On the macro level, the market is in a data vacuum period, with investors waiting for guidance from Hong Kong's retail sales and CPI data, and overall bullish sentiment has somewhat recovered

- On February 27, Hong Kong's three major indices rebounded, with the Hang Seng Tech Index leading the market.  
- The Hang Seng Index rose by 0.75% to 26,578.43 points, and investor sentiment was generally positive, particularly in the technology and retail sectors.  
- Notable individual stock performances included a 125.81% surge in Great Wall Digital's shares following the lifting of its liquidation application, attracting speculative trading.

XUNCE

XIMEI RESOURCES

Hwabao CSI HK Equities Internet ETF

E Fund CSI HK Connect Internet ETF

Hang Seng Composite Index

Harvest Hang Seng SCHK Technology ETF

Hang Seng Index

Hong Kong Stock Midday Review | Hang Seng Tech Index up 1.03%, Tencent Holdings up 2.83% leading the way, YOFC up 3.85%

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The Hang Seng Index closed at 26,578 points, up 197 points or 0.7%; the Hang Seng Tech Index reported 5,162 points, up 53 points or 1.0%. The China Enterprises Index rose 35 points to 8,849 points. Among the active blue-chip stocks, Tencent rose 2.8% to HKD 526.5, Meituan rose 2.1% to HKD 82.1, and Alibaba rose 1% to HKD 144.5. Sun Hung Kai Properties hit a new high, closing at HKD 145.6, up 6.8%; CK Asset, TECHTRONIC IND, and Cathay Pacific also reached new highs

TECHTRONIC IND

CATHAY PAC AIR

Meituan

CK ASSET

The Half-Day Report: The Hang Seng Index closed at 26,578 points, up 197 points; the Hang Seng Tech Index closed at 5,162 points, up 53 points. Sun Hung Kai Properties rose over 6%. Sun Hung Kai Properties, CK Asset, TECHTRONIC IND, and CATHAY PAC AIR reached new highs

On February 27th, during the Hong Kong stock market, the market showed a mild recovery trend, with the three major indices maintaining narrow fluctuations. The Hang Seng Index stabilized above 26,400 points, while the Technology Index consolidated around 5,100 points. In terms of sectors, the internet content and information sector experienced mixed fluctuations, with TENCENT's stock price rising due to favorable AI news, while KUAISHOU faced a pullback due to profit-taking pressure; the communication equipment sector declined overall, with CIG experiencing a significant drop. Market sentiment remained cautious, with investors closely monitoring macroeconomic data guidance

- Hong Kong stocks showed mild recovery on February 27, maintaining narrow fluctuations due to lack of significant positive stimuli.  
- The Hang Seng Index rose by 0.42% to 26,491.34 points, indicating stable support above 26,400 points, while the Hang Seng Tech Index saw a modest increase of 0.36%.  
- Market focus remains on economic recovery indicators like retail sales and export data, contributing to cautious sentiment among investors.

MANY IDEA CLOUD

Tianhong Hang Seng TECH ETF(QDII)

HSTECH ETF

Hong Kong stock market intraday | The Hang Seng Index rose 0.36%, technology stocks fluctuated and diverged, Tencent Holdings increased by 1.17%, Kuaishou fell by 1.02%

According to data from OpenRouter, the demand for AI tokens in China grew by 1.3 times in February this year, surpassing the United States for the first time. The models of MiniMax-WP and Moonlight AI ranked first and second in token usage, with 4.55 trillion and 4.02 trillion tokens, respectively. The average daily token usage of Chinese enterprises reached 37 trillion in the second half of last year, and Alibaba Cloud's Qwen AI model series nearly doubled its market share, becoming the most popular model

China's AI usage surpasses the United States for the first time, with MiniMax and three other domestic models entering the global top five

DRAG

03690

The NASDAQ Golden Dragon China Index preliminarily closed down 1.8%. Among popular Chinese concept stocks, Baidu fell 5.6%, BYD fell 4.2%, Meituan fell 3.2%, Li Auto fell 3%, Alibaba fell 2.8%, and Xiaomi, XPeng, WERIDE, and Nio all fell over 2%. Pony.ai rose 4.7%. In terms of ETFs, KWEB preliminarily closed down 2.4%, and CQQQ fell 1.9%

Wallstreetcn

Roundhill China Dragons ETF

MEITUAN

iShares MSCI China

WERIDE-W

Invesco Golden Dragon China

NASDAQ Golden Dragon China Index

LI AUTO-W

BYD COMPANY

VIPS

01519

83690

HMTD

$Vipshops(VIPS.US) released its Q4 2025 results on the evening of Feb 26. Despite earlier lowering guidance, the print still came in weaker: revenue slipped back into negative growth, while expense discipline kept profit growing.Specifically: 1) Core operating metrics — GMV growth stalled again this quarter, with YoY growth under 1%, missing market expectations. The drag came from another decline in active users, down Approx. 400k YoY, and a clear drop in order frequency per user, driving total orders down 5% YoY...

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

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In the Hong Kong Stock Connect, CNOOC had a net outflow of HKD 894 million, while Alibaba and YOFC had net outflows of HKD 888 million and HKD 625 million, respectively. The northbound capital saw a net inflow of HKD 18.36 million into Xiaomi Group. In the Hong Kong Stock Connect (Shanghai), DONGFANG ELEC had a net inflow of HKD 125 million, while CNOOC had a net outflow of HKD 626 million. In the Hong Kong Stock Connect (Shenzhen), MEITUAN had a net inflow of HKD 311 million, while Alibaba had a net outflow of HKD 657 million. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 99.929 billion, accounting for 38.54% of the total market transaction amount

CHINA BLUECHEM

CNOOC

COSL

CHINA OILFIELD

DONGFANG ELEC

XIAOMI-W

DEC.LTD

Net outflow of CNOOC in Hong Kong Stock Connect amounted to HKD 894 million

Square/Block

Conference Minutes

Pathward Fin

Greenpower Motor

Block

ANT GROUP

BABA-WR

Alibaba HK SDR 5to1

Frantically using AI Agents, currently the most cost-effective package: the Alibaba Coding Plan package. In the past 5 hours, my CC and OC have already consumed: 666 visits. What have they been doing? It just hasn't stopped. All night long......

Vips

Financial Analysis

Vipshops

J&T EXPRESS-W

MEITUAN-WR

Meituan HK SDR 5to1

Today’s Key News Recap

0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

Salesforce

NVIDIA

Warner Bros. Discovery

Netflix

Boeing

Duolingo

Coreweave

Dell Tech

Paramount Global

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Luckin Coffee

BOEING CO 6% DEP SHS RE 1/20TH PFD MAN CNV SR A

Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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Finally some analyst love for $Alibaba(BABA.US) . Haitong just dropped their Q3 estimates - cloud revenue up 38% yoy to 43.8B RMB driven by AI workloads. CMBI also calls them top China internet pick with full-stack AI including Pingtou Ge chips competing with Nvidia H20. This is the real AI play hiding in plain sight. Holding long since $110. 🚀

Used Qwen to help with coding last night - actually decent. And Ali Cloud making it dirt cheap at 0.2 per million tokens . When the best AI is affordable, adoption explodes. $Alibaba(BABA.US)

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...

Meta Platforms

BEKE-W

Kimball Electron

MENGNIU DAIRY

Mengniu Dairy

Unity Software

XPENG-W

XPeng

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

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MercadoLibre

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...

Mercadolibre

Alphabet - C

Alphabet

Roku

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

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---

JP#ALIBARC2611K(58223.HK)

Block (Trans): Layoff tailwinds to kick in Q2, margins to trend higher ---

Hohimer Wealth Management LLC Sells 14,451 Shares of Alibaba Group Holding Limited $BABA

Hong Kong stock market closing | Hang Seng Index rose 0.95%, stabilizing at 26,600 points, YOFC surged 10.06%, Tencent rose 1.17%

Hong Kong stock market intraday | The Hang Seng Index rose 0.99%, approaching the recent high, Tencent Holdings rose 2.44%, YOFC surged 9.10%

The short selling in the Hong Kong stock market for half a day reached HKD 21.56 billion, accounting for 22.1% of the total turnover of shortable stocks