Alibaba-W (09988) saw a rebound of over 4% in Hong Kong trading. At the time of writing, the stock was up 4.2%, trading at HK$131.6, with a turnover of HK$8.609 billion. On March 5, Alibaba officially refuted rumors, clarifying that the Qwen model team remains stable and there has been no collective departure. The company emphasized that related products and services are operating normally. Alibaba also reiterated its commitment to an open-source strategy for Qwen, noting that the core model team has never been assigned commercial KPIs such as DAU. Instead, the team's focus remains on advancing model technology and research in artificial general intelligence. Additionally, Alibaba expressed its eagerness to welcome top global AI talent to collaborate on building world-class large model technology and an open-source ecosystem. J.P. Morgan released a research report stating that, based on the "Qwen as a business" narrative, it views this as an execution risk premium but does not see it immediately disrupting the investment thesis. The core reason is that Alibaba is increasingly positioning Qwen as part of a broader system story—encompassing open-weight business, cloud commercialization, and consumer distribution—rather than a standalone product or individual narrative.