On September 10, BABA-W declined 3.1% in regular trading, trading at 105.9 HKD/share, with turnover of 7.43 billion HKD.

On the news front, the options market saw multiple large bearish block trades on the same day, featuring a three-leg structure combining a PUT spread with a sold CALL to bet on downside. The 106.00 PUT, 104.00 PUT, and 116.00 CALL were all out-of-the-money, presenting a clear defensive and bearish posture. Institutional capital was actively ceding upside potential in exchange for downside protection and return elasticity upon a pullback.

Additionally, dilution pressure from the company's previously completed 80 billion HKD share placement continues to weigh on the stock. According to the August share movement report, issued shares increased by 710 million to approximately 19.885 billion shares. Southbound capital net sold over 15 billion HKD in the prior week, and while minor inflows returned in recent sessions, selling pressure has not been fully absorbed.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)