Alibaba's Hong Kong shares hit 3-year peak on Apple AI partnership

** Hong Kong shares of Alibaba 9988.HK jump as much as 9.2% to HK$124.3 - highest since January 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 jumped 4.9% on Wednesday

** Alibaba chairman Joe Tsai confirmed reports that the Chinese tech company will partner with Apple AAPL.O on AI for iPhones sold in the China market, while speaking at the World Governments Summit in Dubai on Thursday

** 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

** Jefferies lifts PT on Alibaba U.S. shares to $150 from $144 and 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 and Hang Seng China Enterprises Index .HSCE climb 0.8%, Hang Seng Index .HSI rises 1.1%