Cloud computing concept stocks are leading gains in the Hong Kong market. At the time of writing, KINGSOFT CLOUD (03896) rose 8.51% to HK$8.8; BABA-W (09988) increased 7.15% to HK$142.3; and GDS-SW (09698) advanced 3.46% to HK$45.42.

The positive momentum follows the release of Alibaba Group's financial results for the fourth quarter and full fiscal year 2026 on May 13th. The report showed that the Cloud Intelligence Group generated revenue of 41.626 billion yuan for the quarter, a year-on-year increase of 38%. External commercial revenue accelerated its growth to 40%, primarily driven by expansion in the public cloud business.

In the earnings report, CEO Yongming Wu stated that Alibaba's full-stack AI investments have transitioned from the incubation phase to the scale commercialization phase, with the Cloud Intelligence Group achieving "accelerated breakthroughs across models, cloud infrastructure, and application layers."

Notably, a wave of price increases continues to spread across the domestic cloud services market. TENCENT Cloud and Alibaba Cloud have successively followed suit, breaking the industry's nearly two-decade-long convention of only decreasing, not increasing, prices. The competitive logic of China's cloud computing market is shifting from low-price expansion to capability-based pricing. On May 9th, related products from TENCENT Cloud and Alibaba Cloud saw sustained price hikes.