At noon on January 22, it was reported that Alibaba's Hong Kong-listed shares were trading at HK$163.9 each, marking a 100% increase from the corresponding period in 2025. Similarly, its U.S.-listed shares also doubled compared to the closing price on January 21. Since the dawn of 2026, both Alibaba's Hong Kong-listed and U.S.-listed shares have witnessed substantial growth, propelling the total market value of its Hong Kong-listed shares to exceed HK$3.13 trillion and reach a near three-year zenith.

This remarkable surge in stock prices is attributed to the market's endorsement of Alibaba's AI strategy execution. In the early part of the year, Alibaba Cloud's "Tongyi Qianwen" model attained global preeminence across multiple data metrics and has since been seamlessly integrated into core ecological applications. As the primary platform for AI commercialization, Alibaba Cloud is exhibiting robust growth potential. The company has recently unveiled its intention to allocate RMB 380 billion over the forthcoming three years to bolster AI infrastructure development.

In light of these developments, institutional investors have responded with a blend of optimism and caution. JPMorgan has opted to augment its holdings, whereas Citigroup has trimmed its position and underscored potential risks.