Alibaba Group (NYSE:BABA; HKG:9988) rally faces AI cloud optimism, cash issues
Alibaba Group Holding Limited is working off two sessions right now. Hong Kong is finished for the day, New York is still trading. Hong Kong shares closed at HK$107.50, up 12.21%, with 282.13 million shares traded, nearly triple the usual volume. The ADR was at $108.75 as of 11:46 a.m. ET, higher by $10.61 from the last close. The jump is big, but the ADR is still 44% from its 52-week high of $192.67. This wasn’t just one name moving. The Hang Seng Index jumped 2.99% in Hong Kong, Hang Seng Tech surged 4.97%. The KraneShares CSI China Internet ETF gained 3.25% during New York hours. Kospi in South Korea dropped 5.35%. U.S. tech traded softer, Nasdaq was off about 1% at the same time.