Earnings watch: Alibaba Group 89988.HK (HKSE) pre-market 20 Feb 2026, catalysts

89988.HK stock trades at HKD 136.40 pre-market on 20 Feb 2026 as investors position ahead of Alibaba’s earnings announcement on 24 Feb 2026. The company reports after the close, making the next session a likely volatility test for the Hong Kong-listed shares on HKSE. Key short-term drivers include China commerce margins, cloud growth, and advertising demand. We flag comparisons to the 50-day average HKD 139.33 and the 200-day average HKD 136.60 as useful context for expected moves.