Alibaba's Hong Kong-listed stock surged 8.39 percent to a 52-week high following the announcement of its AI reasoning model—QwQ-32B. The company stated that the model competes with DeepSeek’s R1. The new model has greater efficiency,

Hong-Kong listed shares (HK:9988) jumped over 8% today, after the company launched its new open-source AI (artificial intelligence) model, which challenges DeepSeek’s R1 model. Alibaba’s AI unit, Qwen,

The news prompted Alibaba’s Hong Kong-listed shares to close 8% higher on the day and helped boost the Hang Seng’s China Enterprises Index. The release of Alibaba’s new AI model comes a day after the launch of the “general AI agent” Manus by another Chinese company,

Alibaba shares were rising after the Chinese firm said the latest version of its Qwen AI was comparable with DeepSeek’s R1 that shocked the world in January.

Alibaba surged 7% on Thursday after it made one of its AI models public, signaling how the party isn't over for Chinese tech stocks.

While DeepSeek-R1 operates with 671 billion parameters, QwQ-32B achieves comparable performance with a much smaller footprint.