Haitong International Begins Coverage of BABA-W (09988.HK) with an Outperform Rating and $200 Price Target
Research Coverage Initiation: Haitong International has initiated coverage on Alibaba (BABA-W) with an Outperform rating, highlighting its position as a leading global technology and commerce platform across various sectors.
Strategic Realignment: Alibaba is streamlining its organizational structure to focus on four main categories: China E-commerce, International Digital Commerce, Cloud Intelligence, and Others, with expected revenue growth easing from 2024 but potentially reaccelerating in 2025.
Target Price and Market Outlook: The broker set a target price of HKD200 for Alibaba's shares, expressing optimism about the company's entry into an AI-led recovery phase, despite anticipated profitability challenges in 2026.
Profitability Projections: Haitong International forecasts that Alibaba's margins will recover from the second half of 2026, returning to normal levels of approximately 17% NPM and 17% EBITA margin by 2027.
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HKD2.4B Net Outflow from TENCENT in Southbound Trading
Southbound Trading Inflows and Outflows: CNOOC saw a significant net inflow of HKD1 billion, while Tencent experienced a notable outflow of HKD2.4 billion, indicating contrasting investor sentiment towards these stocks.
Short Selling Activity: Tencent had the highest short selling amount at $4.95 billion with a ratio of 20.891%, while Xiaomi also faced substantial short selling at $1.19 billion and a ratio of 35.575%.
Most Active Stocks: In the Shanghai-Hong Kong Stock Connect, Xiaomi was the most active stock with a net inflow of HKD402.9 million, while Tencent led in outflows. In the Shenzhen-Hong Kong Stock Connect, CNOOC had the highest inflow of HKD1.2 billion, with Tencent again showing the highest outflow.
Overall Trading Summary: The total Southbound Trading net outflow was HKD0, accounting for 45.59% of the total transaction amount of HKD116.03 billion, reflecting a balanced trading environment despite individual stock fluctuations.
Short Selling Activity Reaches $37.6B, Representing 21.6% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $37.6 billion, accounting for 21.6% of the eligible securities turnover, an increase from 18.3% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TENCENT, BABA-W, XIAOMI-W, MEITUAN-W, and HSCEI ETF, with short selling ratios ranging from 18.2% to 50.9%.
TENCENT Performance: TENCENT had a short selling turnover of $4.95 billion, with a short selling ratio of 20.9%.
MEITUAN-W Performance: MEITUAN-W exhibited the highest short selling ratio at 50.9%, with a turnover of $1.19 billion.
S&P: JD-SW's Expansion into New Business Could Undermine Core Business Strength
Business Strengthening: JD-SW is enhancing its business resilience through growth in the department store and logistics sectors, alongside a proposed acquisition of Germany's Ceconomy AG.
Earnings Challenges: Despite improvements, substantial losses from new ventures like food delivery are expected to limit JD-SW's earnings growth, with an estimated EBITDA margin recovery to 2.8% by 2026.
Competitive Landscape: The end of JD-SW's zero-commission merchant promotion in 2025 raises concerns about merchant retention, while competition from MEITUAN-W and BABA-W remains intense.
Short Selling Data: As of March 11, 2026, JD-SW has a short selling amount of $348.17M with a ratio of 55.943%, indicating significant market skepticism.
Short Selling Activity Reaches $20.4B, Representing 21.4% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $20.4 billion at midday, accounting for 21.4% of the eligible securities turnover, an increase from 18.3% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TENCENT, BABA-W, XIAOMI-W, MEITUAN-W, and HSCEI ETF, with short selling ratios ranging from 22.1% to 59.7%.
TENCENT Performance: TENCENT had a short selling turnover of $3.76 billion, with a short selling ratio of 23.8%.
MEITUAN-W Performance: MEITUAN-W exhibited the highest short selling ratio at 59.7%, with a turnover of $721 million.
TENCENT's WeChat AI Agent, Currently in Secret Development, Could Be Available to All Users This Year: Report
Tencent's AI Development: Tencent is secretly developing an AI agent for its WeChat application, a project that has been a priority since at least the first half of last year.
Testing and Launch Plans: The company plans to begin grey-box testing in mid-2023, with a potential full launch in the third quarter, depending on the maturity of the AI functionality.
Integration with WeChat Services: The AI agent will integrate with millions of mini-programs on WeChat, enabling its 1.4 billion monthly active users to autonomously complete various tasks like ride-hailing and food delivery.
Competitive Landscape: This initiative aims to expand AI application scenarios in China and directly compete with established players like Alibaba and ByteDance in the AI field.
TRACKER FUND Sees HKD13.6B Net Outflow in Southbound Trading
Southbound Trading Inflows: TENCENT (00700.HK) saw significant Southbound Trading net inflows of HKD3.6 billion, while BABA-W (09988.HK) and YOFC (06869.HK) also experienced notable increases in their stock prices.
Southbound Trading Outflows: The TRACKER FUND (02800.HK) faced substantial net outflows totaling HKD13.6 billion, with HSCEI ETF (02828.HK) and CSOP HS TECH (03033.HK) also showing significant short selling activity.
Market Activity: TENCENT was the most active stock in both Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, with the highest net inflow, while the TRACKER FUND recorded the highest net outflow in both markets.
Overall Trading Summary: At market close, Southbound Trading net outflow was zero, accounting for 45.88% of the total transaction amount of HKD151.83 billion.
HKD2.4B Net Outflow from TENCENT in Southbound Trading
Southbound Trading Inflows and Outflows: CNOOC saw a significant net inflow of HKD1 billion, while Tencent experienced a notable outflow of HKD2.4 billion, indicating contrasting investor sentiment towards these stocks.
Short Selling Activity: Tencent had the highest short selling amount at $4.95 billion with a ratio of 20.891%, while Xiaomi also faced substantial short selling at $1.19 billion and a ratio of 35.575%.
Most Active Stocks: In the Shanghai-Hong Kong Stock Connect, Xiaomi was the most active stock with a net inflow of HKD402.9 million, while Tencent led in outflows. In the Shenzhen-Hong Kong Stock Connect, CNOOC had the highest inflow of HKD1.2 billion, with Tencent again showing the highest outflow.
Overall Trading Summary: The total Southbound Trading net outflow was HKD0, accounting for 45.59% of the total transaction amount of HKD116.03 billion, reflecting a balanced trading environment despite individual stock fluctuations.
Short Selling Activity Reaches $37.6B, Representing 21.6% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $37.6 billion, accounting for 21.6% of the eligible securities turnover, an increase from 18.3% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TENCENT, BABA-W, XIAOMI-W, MEITUAN-W, and HSCEI ETF, with short selling ratios ranging from 18.2% to 50.9%.
TENCENT Performance: TENCENT had a short selling turnover of $4.95 billion, with a short selling ratio of 20.9%.
MEITUAN-W Performance: MEITUAN-W exhibited the highest short selling ratio at 50.9%, with a turnover of $1.19 billion.
S&P: JD-SW's Expansion into New Business Could Undermine Core Business Strength
Business Strengthening: JD-SW is enhancing its business resilience through growth in the department store and logistics sectors, alongside a proposed acquisition of Germany's Ceconomy AG.
Earnings Challenges: Despite improvements, substantial losses from new ventures like food delivery are expected to limit JD-SW's earnings growth, with an estimated EBITDA margin recovery to 2.8% by 2026.
Competitive Landscape: The end of JD-SW's zero-commission merchant promotion in 2025 raises concerns about merchant retention, while competition from MEITUAN-W and BABA-W remains intense.
Short Selling Data: As of March 11, 2026, JD-SW has a short selling amount of $348.17M with a ratio of 55.943%, indicating significant market skepticism.
Short Selling Activity Reaches $20.4B, Representing 21.4% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $20.4 billion at midday, accounting for 21.4% of the eligible securities turnover, an increase from 18.3% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TENCENT, BABA-W, XIAOMI-W, MEITUAN-W, and HSCEI ETF, with short selling ratios ranging from 22.1% to 59.7%.
TENCENT Performance: TENCENT had a short selling turnover of $3.76 billion, with a short selling ratio of 23.8%.
MEITUAN-W Performance: MEITUAN-W exhibited the highest short selling ratio at 59.7%, with a turnover of $721 million.
TENCENT's WeChat AI Agent, Currently in Secret Development, Could Be Available to All Users This Year: Report
Tencent's AI Development: Tencent is secretly developing an AI agent for its WeChat application, a project that has been a priority since at least the first half of last year.
Testing and Launch Plans: The company plans to begin grey-box testing in mid-2023, with a potential full launch in the third quarter, depending on the maturity of the AI functionality.
Integration with WeChat Services: The AI agent will integrate with millions of mini-programs on WeChat, enabling its 1.4 billion monthly active users to autonomously complete various tasks like ride-hailing and food delivery.
Competitive Landscape: This initiative aims to expand AI application scenarios in China and directly compete with established players like Alibaba and ByteDance in the AI field.
TRACKER FUND Sees HKD13.6B Net Outflow in Southbound Trading
Southbound Trading Inflows: TENCENT (00700.HK) saw significant Southbound Trading net inflows of HKD3.6 billion, while BABA-W (09988.HK) and YOFC (06869.HK) also experienced notable increases in their stock prices.
Southbound Trading Outflows: The TRACKER FUND (02800.HK) faced substantial net outflows totaling HKD13.6 billion, with HSCEI ETF (02828.HK) and CSOP HS TECH (03033.HK) also showing significant short selling activity.
Market Activity: TENCENT was the most active stock in both Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, with the highest net inflow, while the TRACKER FUND recorded the highest net outflow in both markets.
Overall Trading Summary: At market close, Southbound Trading net outflow was zero, accounting for 45.88% of the total transaction amount of HKD151.83 billion.
