24H | Chinese ADRs Jump. Hesai Group up over 4%; WeRide, Pony AI up About 3%; Baidu, Alibaba up Around 2%

Chinese ADRs and ETFs jumped in overnight trading. Hesai Group up over 4%; WeRide, Pony AI up about 3%; Baidu, Alibaba up around 2%.

Alibaba on Monday unveiled a new artificial intelligence model Qwen 3.5 designed to execute complex tasks independently, with big improvements in performance and cost that the Chinese tech giant claims beat major U.S. rival models on several benchmarks.

The release comes as Alibaba looks to attract more users to its Qwen chatbot app in China, a landscape currently dominated by rival tech giant ByteDance's Doubao and DeepSeek, which became the first Chinese AI firm to break through globally last year.

Alibaba said Qwen3.5 was 60% cheaper to use and eight times better at processing large workloads than its immediate predecessor, adding that the model also came with the ability to independently take actions across mobile and desktop apps, or what the company calls "visual agentic capabilities".

"Built for the agentic AI era, Qwen3.5 is designed to help developers and enterprises move faster and do more with the same compute, setting a new benchmark for capability per unit of inference cost," the company said in a statement.