On September 9, China's A-share market saw all three major indices close lower, with Shanghai and Shenzhen markets recording trading volume of 2.12 trillion yuan, down 300.2 billion yuan from the previous trading day. However, electronic mapping and retail sectors showed notable unusual activity, with electronic mapping concept stock NavInfo (002405.SZ) hitting daily limit intraday before closing up 7.55%, and SuperMap Software (300036.SZ) rising over 3.8%. Retail concept stock Sanjiang Shopping (601116.SH) hit daily limit in afternoon trading, with Baida Group (600865.SH) and Maoye Commercial (600828.SH) following suit.

The market volatility may stem from circulating rumors. Market speculation suggests that Alibaba will officially announce major business adjustments in the coming days, involving the restart of Koubei.com and its collaborative development with Amap's group buying services, aimed at rebuilding the local lifestyle consumption decision-making system. According to media reports, there is indeed a major business launch event scheduled for Wednesday morning (September 10) at Alibaba's Hangzhou Xixi C area, lasting for half a day. However, other media reports cite informed sources saying that Alibaba's business launch event has nothing to do with "Koubei.com" or self-operated group buying business, but is related to Amap and will unveil a product connected to Amap.

Despite the lack of definitive information, capital markets have already reacted in advance. Today (September 9) in Hong Kong stocks, BABA-W (09988.HK) surged 3.35%, hitting an intraday high since March 7, marking three consecutive days of significant gains. The latest closing price was HK$141.9, with a market capitalization of HK$2.71 trillion.

Meanwhile, Meituan-W (03690.HK) declined in afternoon trading, with intraday losses reaching 4.8% before closing down 2.3%.

Market sentiment is not without foundation. In June this year, Alibaba Group CEO Wu Yongming announced through an all-staff email that Ele.me and Fliggy would be merged into Alibaba's China e-commerce business group. Both companies will maintain their corporate management structure while deeply integrating with the China e-commerce business group in business operations.

Alibaba's previous layout in local lifestyle services has achieved certain results. According to Alibaba's quarterly financial report for June 2025, driven by rapid growth in Taobao Instant, China e-commerce group's customer management revenue reached 89.252 billion yuan, up 10% year-over-year, with instant retail revenue growing 12% year-over-year to 14.8 billion yuan. The number of 88VIP members grew by double digits year-over-year, reaching 53 million.

Wu Yongming also clearly stated in the financial report: "We are heavily investing in instant retail business and have quickly achieved phased results, winning consumer mindshare. Through integrating consumption platforms, we have generated significant synergies, driving monthly active consumers and daily order volume to record highs."

Institutions are also optimistic about Alibaba's instant retail prospects. A research report believes that since Taobao Instant officially launched on April 30, 2025, it has achieved success in user and merchant operations, logistics construction, and marketing. Looking ahead, as instant retail logistics efficiency continues to improve, UE losses may be reduced by half while maintaining current consumer incentive investments. After further improving the instant shopping layout and achieving internal business synergies, Taobao is expected to become a comprehensive "major consumption platform."

However, it's worth noting that the local lifestyle services market is facing a new regulatory environment. According to reports, on September 9, the State Administration for Market Regulation stated at a routine press conference that it had promptly interviewed major platforms regarding recent subsidy disputes on food delivery platforms. The relevant platforms committed to strictly abide by laws and regulations, eliminate unfair competition, and resist malicious subsidies.

Additionally, the community group buying industry has been on a downward trajectory since 2022, with former star companies like Shihuituan and Chengxin Youxuan successively failing. Earlier this year, Alibaba's community group buying business Taobao Maicai also announced the nationwide cessation of next-day self-pickup services and shut down self-pickup points in multiple cities, shifting its business focus entirely to the "Taobao Maicai - Farm Direct" channel, replacing the original local supply chain next-day self-pickup service with home delivery via express.