Alibaba Group Holding Ltd.
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Background
On June 8, 2026, the U.S. Department of Defense released an updated list identifying Chinese military companies. Alibaba was included in the list due to its direct or indirect control by or affiliation with the MIIT.
On this news, Alibaba share prices dropped $4.69, or approximately 3.9%, over two trading days to close on June 10 at $115.38 on June 10, 2026, thereby injuring investors.
Then, on June 24, 2026, Bloomberg published an article titled “Anthropic Accuses Alibaba of ‘Illicitly’ Accessing AI Models”. The article stated, in relevant part, that “Anthropic PBC accused Chinese technology giant Alibaba Group Holding Ltd. of waging a large-scale effort to ‘illicitly’ access its Claude artificial intelligence model using thousands of fraudulent accounts that undermine the US AI developer’s decision to keep its products out of China. Anthropic said that a campaign by operators linked to Alibaba’s Qwen AI lab targeted Claude’s most prized capabilities, including software engineering and agentic reasoning, according to a letter that the AI startup sent to several US senators and White House officials.” The article concluded that “Anthropic warned that Alibaba and other Chinese labs are making systematic and unauthorized use of results from leading US models to develop a rival generation of chatbots.”
On this news, the price of Alibaba ADSs fell $2.80 per ADS, or 2.7%, to close at $99.80 per ADS on June 24, 2026, thereby injuring investors further.
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