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The Hang Seng Index closed at 25,051 points, down 717 points or 2.8%. The Hang Seng TECH Index reported 4,781 points, down 95 points or 2.0%. The China Enterprises Index fell 206 points or 2.4%, closing at 8,401 points. Ping An dropped 4.6%, and Alibaba fell 4.2%. Other heavyweight stocks such as HKEX and Tencent also experienced varying degrees of decline

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Ping An

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Hang Seng China Enterprises Index

BABA-W

Hang Seng TECH Index

Alibaba

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HSTECH ETF

CSOP HS TECH

HSCEI ETF

The Half-Day Express reports that the Hang Seng Index fell by 717 points; the Hang Seng TECH Index dropped by 95 points, Ping An fell by over 4%, and Alibaba fell by over 4%

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- Alibaba's AI team faced a significant leadership shake-up with Lin Junyang's unexpected resignation as the key figure behind its Qwen models, announced on March 4.  
- Despite this shift, Alibaba's commitment to AI remains steadfast, as highlighted by founder Jack Ma's recent gathering with top management to discuss the challenges and opportunities presented by AI.  
- The departure of Lin, a prominent tech leader, raises questions about the stability of Alibaba's AI talent pool, yet the company's strategic investments and innovations signal a resilient future in AI development.

Wallstreetcn

Direxion FTSE China Bull 3X

Krne Csi China Internet

Invesco Golden Dragon China

YieldMax BABA Option Income Strategy ETF

On the eve of the departure of the "soul figure" of Qianwen, Jack Ma leads the management team to release signals regarding the AI strategy

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The three major indices of the Hong Kong stock market weakened during the session, with the Hang Seng Index falling approximately 2.10% to 25,226.96 points, the Hang Seng TECH Index dropping about 1.34%, and the Hang Seng China Enterprises Index declining around 1.73%. In terms of sectors, retailers, internet content and information, as well as oil and gas exploration and production generally declined. Among the leading stocks, Alibaba -W fell 3.49%, JD.com -SW dropped 3.14%; Tencent Holdings decreased 0.88%, Kuaishou -W fell 2.16%, and Baidu -SW declined 1.79%; in the oil and gas sector, China National Offshore Oil Corporation fell 2.46%, United Energy Group dropped 5.68%, and CNOOC (China National Offshore Oil Corporation) fell 35.96%

- On March 4, the Hong Kong stock market experienced a decline, with the Hang Seng Index falling approximately 2.10% to 25,226.96 points, indicating a pause in upward momentum.  
- Major sectors like retail have shown downward trends due to performance pressures, while the macroeconomic focus remains on variables such as U.S. Federal Reserve rate cut expectations and local economic indicators.  
- Notable stocks include Alibaba, which dropped 3.49%, and Tencent, which fell 1.57%, amidst cautious investor sentiment and uncertainties in their operational management.

Market Heartbeat

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Hong Kong stock market intraday | The Hang Seng Index fell by about 2.10%, technology and oil & gas sectors weakened, Alibaba -W dropped by 3.49%

Lin Junyang, head of Alibaba's Qwen AI division, has resigned just two days after the company launched updated products. He announced his departure on X, stating, "Bye my beloved Qwen," but did not provide further details. Qwen's mobile app saw a significant increase in monthly active users, rising to 203 million in February from 31.05 million in January, making it the third-largest AI app globally, following OpenAI's ChatGPT and ByteDance's Doubao.

- Lin Junyang, head of Alibaba Group's Qwen AI model division, announced his resignation just days after the release of updated products.  
- Qwen's mobile application has seen a significant rise in users, reaching 203 million monthly active users in February, up from 31.05 million in January, now ranking third globally.  
- This increase follows aggressive promotional campaigns by Chinese tech giants aimed at attracting more users during the Lunar New Year holidays.

Reuters

Head of Alibaba's Qwen AI division resigns

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On March 3rd, Jack Ma held a rare meeting with the core management teams of Alibaba and Ant Group at Yun Gu School in Hangzhou to discuss the challenges and opportunities brought by AI. Participants included Joseph Tsai, Chairman of Alibaba Group, CEO Eric Wu, and other executives, highlighting the importance both groups place on AI development

Tianhong CSI Computer Theme ETF

Guotai CSI Computer Theme ETF

Jack Ma reappears, Alibaba's core executives gather rarely to discuss AI

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XPeng fell nearly 3%, while Alibaba, SMIC, Baidu Group, and others fell over 2%. Risk warning and disclaimer: The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at one's own risk

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The Hang Seng Index opened down 1.16%, and the Hang Seng TECH Index fell 1.24%

Elon Musk praised the four new Qwen 3.5 small-sized models launched by Alibaba's Qianwen large model, stating that they demonstrate "astonishing intelligence density." These models utilize native multimodal training and the latest architecture to meet various application needs

Elon Musk praises Alibaba's newly launched small model's intelligence density

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Lin Junyang, the head of Alibaba Qwen, announced late at night that he will be leaving the Qwen team, without revealing his next destination or successor. Internal sources indicate that a replacement has not yet been determined, and some of Lin's responsibilities may be taken over by other colleagues. Lin Junyang is Alibaba's youngest P10 level technical leader and was a key driver behind the Tongyi Qianwen series of open-source large models. Following the announcement, AI researchers expressed their respect and gratitude for him on social media

- Lin Junyang, head of Qwen, unexpectedly announced his departure from the team, with no information on his successor or future plans provided yet.  
- An insider indicated that there is currently no one ready to take over his role, suggesting that some of his functions might be managed by incoming colleagues, but a complete replacement remains uncertain.  
- Lin, at only 32, has made significant contributions to AI at Alibaba, and his departure has led to widespread expressions of respect from researchers, reflecting his influence in the industry.

Global X E-commerce ETF

Breaking! Alibaba Qwen experiences a late-night earthquake, Lin Junyang officially announces "stepping down and leaving"

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Alibaba's Qwen AI project faces a setback as Junyang Lin, a key technical leader, steps down just after the launch of the Qwen 3.5 models. His departure has sparked strong reactions from colleagues and industry partners, highlighting his central role in the project. The Qwen family of models has gained prominence in China, competing with major U.S. AI developers. The reasons for Lin's exit remain unclear, and Alibaba has not commented on the situation or the Qwen team's leadership structure.

- Alibaba’s Qwen AI project faced a significant setback as Junyang Lin, a key technical leader, announced his departure shortly after the launch of the Qwen 3.5 open-weight models.  
- The departure drew notable reactions from colleagues, who emphasized Lin's pivotal role in advancing the project amidst intensifying global AI competition.  
- The circumstances of his exit remain uncertain, with Alibaba not commenting on the reasons or future leadership of the Qwen team.

TechCrunch

E Fund CSI HK Connect Internet ETF

Hwabao CSI HK Equities Internet ETF

Yinhua MSCI China A ETF

Guotai MSCI China A ESG General ETF

Alibaba’s Qwen tech lead steps down after major AI push

Alibaba Cloud announced that it will adjust the first purchase discount activity for the Coding Plan due to a surge in subscription volume and a spike in API call volume. Starting from March 4th, the first purchase discounts for the Lite and Pro packages will be available in limited quantities, during the hours of 9:30-11:30 and 14:30-16:30 each day, until sold out. The rights of existing subscribers and renewals will remain unchanged, and regular subscriptions will not be affected

Announcement on Adjustment of Alibaba Cloud Coding Plan First Purchase Discount Activity

Morgan Stanley's review of the Spring Festival AI battle shows that the four major platforms spent over 8 billion yuan to seize the "AI super entrance." ByteDance's Doubao topped the traffic rankings thanks to its Spring Festival marketing, "winning" the short-term traffic battle. Alibaba's Tongyi Qianwen holds an advantage in retention metrics, but its post-holiday DAU running at a high level is mainly due to multiple extensions of coupons until March 3, and the actual retention still needs to be verified. The report warns that burning money cannot buy a moat; the outcome depends on product strength and ecosystem integration

- During the 2026 Spring Festival, Chinese tech giants engaged in an unprecedented AI user acquisition war, with over 8 billion RMB spent on subsidies.  
- Morgan Stanley reported significant growth in daily active users, but noted disparities in user engagement and retention following the subsidy period.  
- The analysis indicates that long-term success will depend more on product utility and real value creation rather than on short-term subsidy-driven user acquisition strategies.

Spring Festival AI Battle Review: Doubao "Wins" Traffic, Qianwen "Occupies" Retention

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The stock disclosure from the Hong Kong Stock Exchange shows that Alibaba reduced its holdings in Red Star Macalline by 3.4407 million shares on February 25, at an average price of RMB 2.6334, decreasing its stake from 6.03% to 5.93%

RS MACALLINE

Red Star Macalline

Alibaba reduced its holdings in Red Star Macalline by 3.4407 million shares, bringing its shareholding to 5.93%

📈 Share your trades, earn SGD $2 per post! 
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📈 Share your trades, earn SGD $2 per post! How to join: post your P/L + 20-word insight in English Learn, connect, and cash in! 🚀

Trade Showcase

Current war situation of IRAN vs ISRAEL, UNITED STATES OF AMERICA AND EVERYONE AFFECTING THE MARKET, BULLISH ON THIS DIP $IBM(IBM.US)$Alibaba(BABA.US)

BABA-WR

Alibaba HK SDR 5to1

Gold continue to surge while high risk high reward equities falls. Though it is worth noting that usually in times of tensions, markets tend to bottom in about 40 days and rebound by the end of the year so let's see

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NVIDIA

Amazon

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Current rate of return reached top 10% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

I believe not many people have noticed this news. A federal appeals court has rejected the Donald Trump administration’s request to delay litigation over tariff refunds, allowing importers’ refund cases to proceed. This marks another domestic political setback for the administration.I am currently holding shares of JD.com, and I hoping to hear positive remarks from Liu Qiang Dong regarding the company’s FY2025 financial performance and its outlook for FY2026. Let’s go my green dragon 🐉.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

Fattycat

BABA Return Rate

BABA Diamond Holder

I bought into some dips but I’m not sure if that’s a wise move on my part given how uncertain the war can be.

Dacai

Iran war fears: Strait closed, oil spikes. Nvidia invests $4B, +3%. Apple debuts iPhone 17e. MongoDB crashes 24%. Your move? Comment &amp; earn Task Coins!

ASML

Apple

GraniteShares 2x Long NVDA Daily ETF

SPDR Gold Shares

GLD SG

MongoDB

Tesla

Broadcom

JD.com

Bilibili

Apple Group

🔥 Market Flash: War, Tech & Turmoil | Mar 3, 2026

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JD HK SDR 10to1

Gold.com

BILIBILI-W

Gold prices remain firm. If the situation tightens, the stock market is bound to fall. Precious metals and energy will still be strong for a while.

can buy some stuff if dips further during this week

Even though the data shows that the market usually eventually recovers after a geopolitical shock, it is imperative to remember that markets are stretched to begin with. And again according to research, narratives account for only 20% of market movements. Stay safe!

I’m bullish on defense and semiconductor stocks.

Markets on edge: Oil spikes, futures dive, gold shines. Jobs data &amp; AI glasses in focus. Share your take &amp; earn Task Coins!

Nokia

iShares Silver Tr

Pro Ultr Silver

Invesco QQQ Trust

SPDR S&P 500

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Credo Tech

Cisco

🔥 Market Flash: Iran Conflict Shakes Markets, MWC Kicks Off | Mar 2, 2026

Spot gold broke through $5,300 per ounce, with a gain of over 2%.Precious metals remain the cornerstone in various conflicts. Gold is still bullish.

UB#ALIBARC26085(63234.HK)

The Half-Day Express reports that the Hang Seng Index fell by 717 points; the Hang Seng TECH Index dropped by 95 points, Ping An fell by over 4%, and Alibaba fell by over 4%

On the eve of the departure of the "soul figure" of Qianwen, Jack Ma leads the management team to release signals regarding the AI strategy

Hong Kong stock market intraday | The Hang Seng Index fell by about 2.10%, technology and oil & gas sectors weakened, Alibaba -W dropped by 3.49%

Head of Alibaba's Qwen AI division resigns

Jack Ma reappears, Alibaba's core executives gather rarely to discuss AI