Why did Alibaba shares fall this week?

The drop followed an Alibaba earnings miss, with 3FQ26 adjusted EBITA down 57% year over year, which pressured sentiment. Investors also weighed heavier near-term investment in AI, cloud, and instant commerce. Shares fell 6.3% on March 20, while recent trading hovered near HK$132 with elevated volume.

Is Alibaba cloud growth sustainable after the quarter?

Cloud revenue rose 36%, and AI sales delivered sustained triple‑digit growth. That points to solid demand. The key question is profitability timing as workloads scale. Watch cloud gross margins, customer acquisition costs, and utilization trends. A move above HK$137 could signal improving confidence in the growth path.

What are analysts saying about 9988.HK now?

Morgan Stanley kept Overweight with a US$180 target, and BOCI maintained Buy with a HK$182 target. Views support investment in AI, cloud, and instant commerce. For 9988.HK stock today, the debate is whether growth can re-accelerate margins fast enough to offset current dilution from higher spending.

What technical levels matter for 9988.HK stock today?

Support sits near HK$127–HK$122, based on Keltner and Bollinger lower bands. Resistance is around HK$137 and HK$151. RSI at 38.48 is near oversold, and ATR at 5.33 flags wide ranges. A close above HK$137 would improve momentum; a break below HK$122 risks further downside.

Global Market Insights

9988.HK Stock Today, March 21: 34% Job Cuts, Cloud +36% After Miss

ByDanny Kontos March 20, 2026March 20, 2026

9988.HK stock today is front and center for Hong Kong investors. Alibaba flagged a 34% 2025 headcount cut, a 3FQ26 adjusted EBITA drop of 57% YoY, and strong cloud momentum with revenue up 36% and triple‑digit AI sales. Shares fell 6.3% on March 20 as the market weighed margins against growth. A recent quote shows 9988.HK near HK$132.0, with day range HK$131.2–HK$134.2. We break down the earnings miss, cloud tailwinds, new cost base, and technical levels that matter for HK portfolios.