On September 23, Alibaba fell 4.07% in pre-market trading, trading at $112.21/share, with turnover of $9.87 million. The decline came as the market digested multiple developments following the prior session's 3%+ rally driven by the Apsara Conference.

On the news front, Alibaba disclosed that its annual general meeting held on September 22 approved all proposed resolutions, including a general mandate granting the board authority to issue up to 10% of outstanding shares — approximately 1.989 billion new ordinary shares — at a discount of up to 10% to the benchmark price. The potential dilution weighed on sentiment. Separately, Alibaba recently sold approximately $500 million worth of ZTO Express ADRs via a block trade at a 4.5% discount to the prior close, continuing its systematic divestment of non-core logistics assets.

Despite broadly positive signals from the Apsara Conference — including the launch of the Zhenwu V900 AI chip, a 20GW global data center target by 2032, and multiple investment banks maintaining Buy ratings — short-term profit-taking following the previous session's strong rally also contributed to the pullback.

(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.)