China Merchants Securities released a report, stating that Alibaba was officially included in the Stock Connect yesterday. The firm continues to be bullish on the company's improved competitive position, accelerated growth, profit growth, attractive shareholder returns, reaffirming a 'shareholding' rating, and maintaining a target price of 123 Hong Kong dollars. The firm pointed out that Alibaba, after successfully completing dual listings in Hong Kong and the USA, was formally included in the Stock Connect yesterday. The firm estimates that inclusion in the Stock Connect may bring 10-15% incremental trading liquidity. The firm indicated that Alibaba has multiple drivers to boost prospects. First, the company is shifting its operation focus to GMV growth, as well as the slowdown in the growth rate of GMV on live streaming e-commerce platforms, which the firm believes leads to an improvement in the competitive position at the margin.
招商证券：阿里巴巴纳入港股通或带来10至15%增量成交流动性
China Merchants Securities: Alibaba's inclusion in the Hong Kong stock connect may bring 10 to 15% increase in trading liquidity.
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