Alibaba's Hong Kong stocks rose over 6% during intraday trading, following the release of its flagship model Qwen3.8 and the start of public beta testing for "Qianwen Office."

Alibaba released its flagship model Qwen3.8 on August 3rd and simultaneously launched the public beta of "Qwen Office." This move is seen by the market as a crucial part of its AI narrative, with the potential to convert AI investments into revenue. The Qwen3.8 model supports a 1 million Token context and offers more competitive API pricing at 12 yuan per million input Tokens and 36 yuan per million output Tokens. Analysts generally believe that enterprise-level office scenarios can generate more stable and higher-intensity Token call volumes, thereby driving growth in Alibaba Cloud's MaaS revenue and profit. Citi defines Alibaba as a primary beneficiary of China's Token economy, while Morgan Stanley and HSBC also expect AI-related businesses to significantly improve Alibaba Cloud's performance and profit margins.