Editor’s Note: This article has been updated to include the latest information on Xi Jinping’s meeting with technology leaders and associated market fluctuations.

Alibaba’s Hong Kong shares surged over 4% in early trading Monday before plunging at HKD 119.60 ($15.37), down 3.63%. 

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The China Enterprises Index jumped 4.1% last Friday, with Alibaba’s Hong Kong shares gaining over 50% in the past month.

However, challenges loom as U.S.-China tensions escalate. Following Trump’s recent 10% tariff implementation on Chinese products, Beijing retaliated with similar measures and increased export controls on critical minerals.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.