Oct 10th, Jefferies Financial released a research report stating that alibaba has developed a clear strategy and solid execution capability, which can unlock the potential of various businesses. As for Taotian Group, the bank expects the year-on-year growth gap between GMV and CMR to narrow by the end of September. Along with the synergy with WeChat Pay, it will unleash the rising potential of young users and users in lower-tier cities. The bank also expects the efficiency of Alibaba's international digital business group to improve, while stable demand for artificial intelligence will bring cloud benefits. The bank anticipates that the group's investment in Taotian Group's 88VIP will increase, and the fundamentals of Alibaba's international digital business group and other businesses will improve. The bank rates Alibaba as a "buy", with a target price of HK$137 for listed in Hong Kong shares.