TLDR
- Alibaba’s Qwen app crossed 10 million downloads within one week of its relaunch
- Hong Kong shares climbed over 5% Monday after the company disclosed the figures
- The app unified Alibaba’s previous iOS and Android services under one brand
- Ant Group’s LingGuang AI tool reached 1 million downloads in four days
- Alibaba will integrate Taobao shopping and other services into Qwen over coming months
Alibaba stock rose more than 5% in Hong Kong trading Monday following news of its Qwen app’s download performance. The AI assistant reached 10 million downloads just one week after its relaunch.
Alibaba Group Holding Limited, BABA
The company announced the figures in a WeChat blog post. The numbers represent a quick start for Alibaba’s challenge to OpenAI’s ChatGPT in the AI space.
Alibaba revamped its mobile applications on iOS and Android platforms this month. The rebranding brought all services together under the Qwen name.
The growth rate positions Qwen as one of the faster-rising AI apps in China. ChatGPT cannot be accessed in the Chinese market, giving local competitors an open field.
Analyst Views on Valuation
Kenny Ng, a strategist at China Everbright Securities International, analyzed the launch. He noted that Qwen’s success in driving consumer business will shape Alibaba’s valuation going forward.
Markets see this launch as an important benchmark for comparing Alibaba to OpenAI’s worth. The download numbers provide an early indicator of market demand.
Ant Group Launches Competing Product
Ant Group, Alibaba’s fintech partner, introduced its LingGuang AI assistant last week. The multimodal tool passed 1 million downloads within four days of availability.
The dual launches show Alibaba’s broader push into AI-powered consumer tools. CEO Eddie Wu has steered the company toward an AI-first approach since taking leadership.
E-Commerce Features Coming Soon
Alibaba plans to introduce agentic AI capabilities for online shopping over the next few months. These tools will operate across Taobao and the company’s other retail platforms.
The strategy calls for evolving Qwen into a full AI agent. Alibaba detailed its plans in a company statement.
Services set for integration include digital maps, food delivery, travel booking, office productivity tools, e-commerce, education resources, and health guidance. All will be accessible through the Qwen interface.
The company presents its quarterly earnings on Tuesday. Management will field investor questions about AI initiatives during the call.
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