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On October 21, 2025, Alibaba’s Hong Kong-listed shares experienced a remarkable surge, climbing more than 4% and dominating the list of most actively traded stocks in the Hong Kong market, thereby attracting widespread attention. Sources indicate that Quark, an Alibaba subsidiary, is making significant strides in an artificial intelligence (AI) venture known as “Project C.” This project is seen as a potential competitor to ByteDance’s products. The initiative is being spearheaded by Quark’s core development team, with notable contributions from several senior experts hailing from Alibaba’s Tongyi Lab. The project has been progressing quietly for some time, and it is anticipated that its phased achievements will be revealed to the public in the near future.
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