$BABA-W(09988)$ closed up 3.63% on Tuesday (13 Jan) but was up as much as 6.29% during the day following reports that China's State Council launched an antitrust probe into the food delivery sector to regulate competition and delivering hope that the price war is ending.
Alibaba DLCs were amongst the top movers on 13 Jan with $Alibaba 5xLongSG270712(ZVNW.SI)$ gaining +18% for the day, while the $Alibaba 5xShortSG270907(RHDW.SI)$ suffered losses of the same magnitude.
Alibaba shares were further supported by China's announcement that the government will accelerate AI adoption in manufacturing, with markets viewing Alibaba as a key beneficiary of this policy push.
Alibaba has already gained +10.66% year-to-date as of 13 January, outperforming the benchmark $HSI(HSI)$ +3.84% and $HSTECH(HSTECH)$ +5.22% gains.
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