Billionaire investor Ryan Cohen has increased his stake in Alibaba to about US$1 billion, now owning around 7 million shares, according to The Wall Street Journal.

Cohen first invested in Alibaba in early 2023, pushing for share buybacks. Since then, he has engaged in further talks about a long-term partnership.

Chinese tech stocks have been rising, driven by AI startup DeepSeek and positive investor sentiment after President Xi met industry leaders.

Alibaba recently reported strong Q3 revenue and announced plans to expand AI and cloud investments.

Following this news, Alibaba’s US-listed shares surged up to 15% before closing over 8% higher, marking a 60% gain this year.

Recent Alibaba developments