Alibaba-W (09988) saw its decline exceed 4% during afternoon trading. As of the time of writing, the stock was down 4.2%, trading at HKD 162.1, with a turnover of HKD 8.676 billion. On February 2nd, Alibaba's Qwen App announced the launch of a 3 billion yuan "Spring Festival Treat Plan," scheduled to officially commence on February 6th. During the Spring Festival period, the Qwen App will collaborate with various Alibaba ecosystem businesses, including Taobao Deals, Fliggy, Damai, Hema, Tmall Supermarket, and Alipay, to treat people across the country to food, drinks, and entertainment through a no-payment-required model. Reportedly, this 3 billion yuan Spring Festival initiative by Qwen represents the largest investment in Alibaba's history of Spring Festival activities and, based on currently disclosed figures, is also the highest investment amount among the major tech companies' AI battles during this year's holiday season.