On September 22, BABA-W rose 3.2% in regular trading, trading at HK$116.3/share, with turnover of HK$4.481 billion. The rally was driven by the opening of Alibaba's annual Cloud Summit in Hangzhou, running September 22-24 under the theme of Agentic AI, with core technology and flagship product launches expected.

Multiple catalysts converged ahead of the event. Citi initiated a 30-day positive catalyst watch, maintaining a Buy rating with a HK$189 target, expecting Alibaba to reaffirm its full-stack AI capabilities, three-year RMB 380 billion capex plan, and a year-end MaaS ARR target of RMB 30 billion. CLSA also named Alibaba a top pick as Agentic AI transitions from experiment to enterprise workflow. Northbound funds purchased over HK$500 million worth of shares on September 21. Meanwhile, Alibaba appointed Liu Dayiheng as the new Qwen LLM team leader, and recently launched Qwen3.8-LiveTranslate and the open-source Qwen-Image-2.1 model. New Ziguang Group also signed an AI full-stack cooperation agreement with Alibaba Cloud covering smart office and overseas expansion.

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