Alibaba-SW is up more than 4%, with Taobao making frequent adjustments to merchant rules, and institutions say the initial results of e-commerce investment are showing.

Alibaba-SW (09988) is up more than 4%, at 3.69% at the time of writing, trading at HK$75.8, with a turnover of HK$623 million.

On the news front, according to WanDian News, Taobao changed its rules for merchants on July 26, with the most significant changes being three: the rules for store traffic have been greatly changed, with "experience score" being the core basis for allocating traffic; "only refund" has been relaxed for high experience score stores; in addition, Taobao will start charging for basic software services, with a rate of 0.6% of the confirmed transaction amount per order.

Shenwan Hongyuan pointed out that since July 24, Alibaba has launched a series of adjustments, focusing more on GMV and user experience; including cancelling the price power of some non-core price comparison products, adjusting the search algorithm logic to core index of GMV, free business advisor, and launching full site promotion to open up free traffic and paid traffic. During the 618 period, Taobao still achieved 10%+ growth on the high base of GMV, narrowing the gap with PDD and short video e-commerce; short video e-commerce still maintained a faster growth rate than other e-commerce platforms, but it is no longer an accelerated growth, and the share of traditional e-commerce platforms such as Taobao has been significantly weakened. In addition, the brokerage expects Alibaba to complete the conversion of the dual primary listing on the Hong Kong Stock Exchange by the end of August, and it is expected to be included in the list of shares eligible for trading on the Hong Kong Stock Exchange after that.