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Alibaba's HK$80B placement being nearly three times subscribed suggests institutional demand remained firm at HK$112.70, even as nearly 10% intraday pressure showed how quickly dilution can dominate the near-term narrative. Joe Tsai and Eddie Wu's roughly HK$120M purchase of 1.07M shares adds alignment, but it does not settle the debate. With new stock equal to about 3.6% of enlarged capital, the stronger confidence signal would be sustained AI cloud growth converting infrastructure spending into better profit and cash flow. Not advice, just analysis. #AlibabaConfidenceTest