Changes in Hong Kong stocks | Alibaba-W (09988) fell more than 5% in early trading, and the Bank of America split Pingtou as a positive catalyst, but the revaluation needed more evidence

The Zhitong Finance App learned that Alibaba-W (09988) fell more than 5% in early trading. As of press release, it decreased by 4.92% to HK$95.65, with a turnover of HK$6.049 billion.

According to the news, Alibaba has officially proposed listing Pingtou in Hong Kong, but the details of the release have yet to be finalized. Pingtou aims to increase the computing power contribution from 10% or more to 40%-50%, and is expected to ship about 700,000 GPUs in 2027. Damo gave a valuation range of 28 billion to 83 billion US dollars.

Bank of America Securities released a research report saying that Pingtou's spin-off listing will help unleash strategic and commercial value. The bank believes that limited independent disclosure, undetermined terms of the transaction, and fluctuations in peer valuations have brought significant uncertainty. It regards the submitted documents as a positive catalyst, but believes that evidence such as strong revenue growth, regulatory progress, and transaction terms is necessary before investors can give Pingtou meaningful independent value in Ali's segment valuation.