Alibaba-W (09988) saw its shares rebound by more than 4%. At the time of writing, the stock was up 3.89%, trading at HK$133.7, with a turnover of HK$10.223 billion. On the news front, a report from LatePost indicates that the management adjustments for Qwen have been finalized. Jingren Zhou, Alibaba Cloud's CTO and head of the Tongyi Lab, will temporarily oversee the Qwen model team. He will gain a deeper understanding of the resources required for model development, improve collaboration efficiency across various stages, and ensure the model's rapid iteration. Dayiheng Liu, who is responsible for Qwen's pre-training, will concurrently manage the post-training and Coding teams. Dayiheng Liu and other leaders of the Qwen model team will report to Jingren Zhou. JPMorgan had previously released a research note stating that, based on the narrative of "Qwen as a business," it views the management changes at Qwen as an execution risk premium and does not believe they immediately disrupt the investment logic. The core reason is that Alibaba is increasingly positioning Qwen as a systemic story (open-weight business + cloud commercialization + consumer distribution), rather than a single product launch or an individual-centric story.