Alibaba Group is trading 3.05% lower at HK$111.30 after Tencent launched Hy-Image-3.5-Preview, an AI image-generation model whose internal performance reportedly compares with Alibaba’s offering.
- Tencent shares rose more than 5% as Alibaba weakened, highlighting competitive pressure within China’s AI sector.
- Alibaba’s September 22 general-meeting resolutions passed; no negative company-specific announcement was identified.