On September 23, Alibaba fell 3.29% overnight, trading at $112.61/share, with turnover of $29.21 million. The decline came after the company disclosed that its annual general meeting held on September 22 approved all proposed resolutions, including authorization for the board to issue up to 10% of outstanding shares — approximately 1.989 billion new ordinary shares — at a discount of up to 10% to the benchmark price during the issuance period.

The market reacted negatively to the potential equity dilution risk. The pullback also reflected profit-taking after the prior session's sharp rally of over 3%, which was driven by the Yunqi Cloud Conference where Alibaba unveiled its full-stack AI strategy, the Zhenwu V900 AI chip with 3x performance gains over its predecessor, and a 20GW global data center expansion target by 2032. Separately, Alibaba recently sold approximately $500 million worth of ZTO Express ADRs at a 4.5% discount via a block trade, continuing its systematic divestiture of non-core assets over the past two years.

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