On August 12, Alibaba declined 3.04% overnight, trading at $123.9/share, with turnover of $24.46 million.

Multiple bearish signals converged to weigh on the stock. In the options market, a $2.82 million in-the-money put order was placed alongside simultaneous selling of out-of-the-money calls, reflecting a clear institutional double-leg bearish structure aimed at capping upside while positioning for downside risk. Southbound funds net-sold over HKD 300 million of Alibaba shares in the prior session, amplifying short-term capital outflow pressure.

Meanwhile, broader tech sector weakness added to the drag, with major internet names declining in tandem — JD.com fell over 2%, Meituan dropped nearly 3%, and the sector showed broad-based softness ahead of a wave of earnings releases. Apple's abrupt removal of a support document referencing its Apple Intelligence integration with Alibaba's Qianwen model further dampened sentiment, as market participants reassessed the timeline and certainty of the partnership.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)