Changes in Hong Kong stocks | Alibaba-W (09988) fell nearly 6% in the afternoon, and the European Union imposed a 550 million euro fine on AliExpress, a subsidiary of Alibaba

The Zhitong Finance App learned that Alibaba-W (09988) fell nearly 6% in the afternoon. As of press release, it was down 4.79% to HK$109.4, with a turnover of HK$8.936 billion.

According to the news, on July 20, the European Commission announced that according to the EU Digital Services Law (DSA), Alibaba's cross-border e-commerce platform AliExpress was fined 550 million euros (approximately RMB 4.25 billion), setting the highest penalty record since the EU DSA came into effect. In response to this, China's Ministry of Commerce expressed strong dissatisfaction and serious concern, firmly supports Chinese enterprises using legal weapons to defend their rights, and will take strong measures to firmly protect corporate interests.

Notably, the stock price performance of Google and Tesla after the latest financial reports proved that AI transactions have switched from “story driven” to a “cash flow verification” stage. In fiscal year 2026, Ali recorded a net free cash outflow of 46.609 billion yuan. This is the first free net cash outflow since financial data were disclosed for fiscal year 2011. Ali's management previously revealed that the three-year capital expenditure investment may far exceed 380 billion yuan.