Alibaba ($BABA-SW 09988.HK$) experienced a morning session dip, falling by 4.05% to HK$79.3 as od 09:59 Malaysia time. In the US markets, Alibaba's shares rose 1.86% on Wednesday to US$80.99, equivalent to HK$79.31 per share in the Hong Kong market.

Following the release of its earnings report after Tuesday's market close, the company recorded a total revenue of CNY 221.874 billion for the quarter ending March 31, 2024 (the fourth quarter of the fiscal year 2024), representing a 7% year-on-year increase, slightly above the expected CNY 220.6 billion.

However, the adjusted net profit declined by 11% to CNY 24.418 billion.