Jefferies released a research report stating that BABA-W (09988) reported Q2 total revenue 1.1% and 2.4% above market and the bank's expectations respectively, maintaining a "Buy" rating with a target price of HK$230.

Data shows Alibaba's China commerce segment customer management revenue (CMR) grew 10% YoY, while cloud revenue surged 34% YoY. The company achieved an adjusted EBITA margin of 9%, with total adjusted EBITA reaching RMB 9.1 billion. Capital expenditures amounted to RMB 31.5 billion during the period.