Investment Rating - The report does not explicitly provide an investment rating for XPeng [1]. Core Insights - Alibaba's recent increase in XPeng ADS holdings from 6.65 million to 31.31 million shares is interpreted as a conversion of ordinary shares to ADS rather than a significant increase in investment [2][10]. - Alibaba's strategic shift indicates a focus on core businesses by divesting non-core assets, with a notable reduction in its stake in XPeng from 10.2% to below 5% through multiple sell-offs [4][10]. - The divestment aligns with Alibaba's broader strategic adjustments, including organizational restructuring and leadership changes, aimed at optimizing its business structure [4][10]. Summary by Sections Event - On November 14, Alibaba disclosed an increase in its XPeng ADS holdings to 31.31 million as of September 30, up from 6.65 million on June 30 [2][9]. Comments - The market misinterpreted Alibaba's increased ADS as a bullish signal, while it is likely a conversion for easier trading in the U.S. market [3][10]. - Alibaba's relationship with XPeng began in 2018, with significant investments made prior to XPeng's Nasdaq listing in 2020 [4][10]. - Recent sell-offs include 25 million ADS in December 2023 for approximately $391 million and 33 million ADS in March 2024, indicating a trend towards further reductions [4][10]. Strategic Shift - Alibaba's divestment from XPeng is part of a strategy to focus on its core e-commerce and cloud computing businesses, reflecting a broader trend of optimizing its asset portfolio [4][10].
小鹏汽车-W：阿里意欲减持而非增持小鹏，非核心资产加速退出