Understanding the Market | Alibaba-W fell over 5% in the afternoon, hitting a new low for the year, with a total market value dropping below HKD 2 trillion

According to Zhitong Finance APP, Alibaba-W (09988) saw its afternoon decline expand by over 5%, hitting a new annual low of HKD 94 during intraday trading, with its total market value falling below HKD 2 trillion. As of the time of publication, it was down 5.33%, priced at HKD 94.1, with a transaction volume of HKD 9.718 billion.

In terms of news, according to the Global Times, multiple foreign media outlets reported on the 23rd that Alibaba has sued the U.S. Department of Defense, requesting its removal from the "Chinese Military Companies List." Alibaba confirmed this news on the 24th. In a statement, Alibaba said, "We have officially filed a lawsuit against the U.S. Department of Defense, requesting the company be removed from the 'Chinese Military Companies List'." Additionally, according to Sing Tao Daily, the U.S. artificial intelligence company Anthropic recently sent a letter to the U.S. Congress, accusing Alibaba of illegally extracting the core capabilities of its AI model Claude through large-scale fake accounts. Anthropic described this as the largest-scale "distillation attack" the company has faced to date.

It is worth mentioning that on June 22, Alibaba partner and AutoNavi Chairman Liu Zhenfei published an article on Alibaba's internal network titled "Having Seedlings in Hand Ensures Future Grain." The article documented a recent team-building activity where Alibaba's management participated in rice planting in Hangzhou. It is reported that this was also a concentrated appearance of Alibaba's latest core management team. Alibaba's Chief Scientist Zhou Jingren, who had previously been rumored to have "resigned," was also present at the rice planting event, further confirming that the rumors of his departure were unfounded