Hong Kong Stock Volatility | Tech and Internet Stocks Decline Dragging Down the Hang Seng Tech Index Spring Festival AI Red Envelope War Heats Up Again The Battle for the Super Entrance May Become the Main Theme This Year

LootboxPhobia · 2026-02-12T06:57:43+00:00

Tech stocks collectively decline, with the Hang Seng Tech Index falling nearly 2%. Ctrip, Tencent, Alibaba, and other companies' stock prices decline. The Spring Festival AI Red Envelope Battle introduces new players like Doubao, which is seen as an important step for AI technology to be applied to the C-end. Meanwhile, Alibaba will focus on developing instant retail, with no profit targets as a performance pressure in the next three years.

LootboxPhobia

2026-02-12 06:57:43

Abstract generation in progress

iFinTech News APP, tech stocks collectively decline, dragging the Hang Seng Tech Index down nearly 2%. As of press time, Ctrip Group-S (09961) fell 3.99% to HKD 428.4; Tencent (00700) dropped 3.01% to HKD 531.5; Alibaba-W (09988) decreased 1.56% to HKD 157.6.

On the news front, the Spring Festival AI Red Envelope Battle has added a new participant. Following AI products like Tongyi Qianwen and Tencent Yuanbao, Doubao announced on February 10th that it has officially joined the Spring Festival AI Red Envelope Battle. Galaxy Securities pointed out that this AI Red Envelope Battle could become a milestone event where large models and AI assistants transition from technical R&D to consumer applications. China Post Securities believes that the “Super Entrance War” is expected to become the main theme of AI in 2026.

Additionally, according to LatePost, Alibaba’s core management team clarified in an internal meeting in early 2026 that Taobao Flash Sale is a milestone campaign for the group. Over the next three years, profitability will not be a performance pressure, and annual investment will exceed that of 2025, with a focus on developing instant retail.

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