King's Financial News | Alibaba (09988) fluctuated and strengthened, as of the time of publication, it rose by 8.29%, to HK$111, with a transaction volume of 22.094 billion Hong Kong dollars.

On the news front, Citigroup published research reports indicating that the central government has introduced a series of monetary and fiscal support measures, believing it will help improve wealth effects, boost consumer sentiment. It is expected that Alibaba will strengthen investment and market promotion during Singles' Day sales to enhance the GMV of its e-commerce platform. It is predicted that Alibaba's CMR growth in the next few quarters will gradually align with GMV growth. The bank maintains its unchanged forecast for Alibaba and anticipates that the mainland policy "combos" will indeed help boost consumer sentiment, raising Alibaba's target price from HK$115 to HK$, maintaining a 'buy' rating.

The bank further pointed out that Taobao, under the group, has officially integrated WeChat Pay from Tencent (00700), and there are internal reports indicating that Taobao Tmall will connect to JD.com logistics (02618) next month. JD.com (09618) will also integrate Cainiao logistics services, it is believed that this can translate into actual growth in GMV and payment business.