Fang Jiang just trimmed roughly 19% of a reported stake in Alibaba, a discretionary disposition with no 10b5-1 plan disclosed. That is the kind of sizing that signals conviction about valuation, and it lands while the company reshuffles its AI leadership.
Hong Xu's sale covered barely a quarter of the position, and it landed right after 229,000 shares vested from restricted stock, the classic pattern of an executive funding taxes. The holding still sits above 400,000 shares, so read this as routine housekeeping on Alibaba's China e-commerce fight.
Alibaba's AI buildout is now eating the income statement: free cash flow swung to negative RMB 44.67 billion. Cloud is the offset, with external revenue growth accelerating to 45%, and management says heavy spending stays.
Alibaba is sitting on billions in buyback authorization yet chose to stop using it, redirecting cash into a bet that makes the next few quarters look very different from the last few…
