Alibaba's Hong Kong shares hit 2-1/2-year peak after Apple partnership report

Hong Kong shares of Alibaba Group 9988.HK jump 4.5% to HK$118.9, their highest since July 2022, on track for the second session of gain

Stock is the most actively traded shares by turnover

Alibaba's U.S. shares BABA.N surged 4.9% on Wednesday

Apple AAPL.O is partnering with Alibaba to roll out artificial intelligence features for iPhone users in China, the Information reported, citing one person with direct knowledge of the decision

HSBC maintains "Buy" rating on Alibaba, saying potential partnership with Apple could boost Alibaba's cloud income, AI technology and user engagement

Jefferies says it is positive on Alibaba Cloud outlook and it lifts PT of Alibaba U.S. shares to $150 from $144 and the Hong Kong stock to HK$145 from HK$139, factoring 4x vs prior 3x price to sales multiple on cloud considering recent business developments

Morningstar says the development allows Alibaba to lay down the marker by having Apple as a flagship partner and could potentially see more companies express their interest in partnering with Alibaba

Hang Seng Tech Index .HSTECH rises 1%, Hang Seng China Enterprises Index .HSCE climbs 0.8%, and Hang Seng Index .HSI adds 0.9%