According to the news app Zhitong Finance, Furui released a research report stating that Alibaba-SW (09988) attracts attention not only for its focus on user experience, but also for measures such as traffic distribution, free refunds, and basic software service fees. The bank believes that Taobao and Tmall are beneficial to the group's Customer Management Revenue (CMR); the target price is now HKD 112 and the "buy" rating is maintained.

The report stated that the 0.6% basic software service fee will be charged from September, which is expected to have a positive impact on CMR. The bank calculated that assuming the group's total annual GMV (Gross Merchandise Volume) is 8 trillion yuan (RMB), the service fee is about 31 billion yuan. Assuming there are 500,000 Tmall merchants, the annual fixed service fee is about 23 billion yuan, and the impact on annual revenue is about 8 billion yuan, accounting for about 0.1% of the total GMV. The bank also expects the group to complete the change of primary listing status in August this year and have the opportunity to be included in the Hong Kong Stock Connect, which is beneficial to the stock price. In addition, Alibaba has continued to repurchase its own shares, having used USD 10.6 billion to repurchase company shares in the first half of this year.