HK STOCKS CLOSE HIGHER: HANG SENG UP 0.55%, TECH INDEX UP 0.8%

EGYPT EASES ENERGY-SAVING MEASURES, SHOPS TO CLOSE AT 11 P.M. INSTEAD OF 9 P.M. UNTIL END-APRIL -PRIME MINISTER

Alibaba Group likely stepped up AI investment in the quarter ended March, according to Daiwa Securities analysts. They say losses from model training and heavy marketing for the Qwen app likely weighed on earnings. However, they remain positive on Alibaba’s AI potential and medium-term monetization outlook. A key risk is more aggressive subsidy spending to acquire users in areas like AI and food delivery. Daiwa keeps a “buy” rating with a target price of HK$184.