Alibaba-W (09988) has seen a decline of more than 4%, currently down 4.22% at HKD 154.4, with a trading volume of HKD 13.466 billion. As the 2025 "Double Eleven" e-commerce promotion gains momentum, instant retail has emerged as a key focus area in the competition this year. It is reported that the Taobao/Tmall platform launched a live-streaming red envelope campaign on October 9, with a total investment of HKD 3 billion, allowing users to claim over HKD 2,000 daily. For the first time, Taobao Flash Sales will participate in the Double Eleven event, offering 50% off takeout red envelopes to 88VIP members during the campaign period. According to a report by Zheshang Securities, they forecast Alibaba's Chinese e-commerce revenue for FY26Q2 to reach RMB 126.9 billion, a year-on-year increase of 11.6%. They also project an EBITA margin of 6.8%, a significant decline quarter-on-quarter, attributed to substantial investments in instant retail during the third quarter. The company aims to enhance order density through food delivery while improving its fulfillment system, focusing on active user engagement and transaction frequency, which will support traditional e-commerce operations and leverage the market potential of instant product retail. Additionally, Ele.me and Amap's dual-line strategy for in-store services offers new opportunities for Alibaba's e-commerce business.