Chinese e-commerce giant Alibaba is poised to benefit from a new primary listing in Hong Kong, which could attract up to $20 billion in investment. However, the company's recent financial performance has been disappointing, with a 4% rise in first-quarter revenue and a 27% drop in profit. Alibaba's core Chinese commerce business shrank for the first time, impacted by weak consumer spending and intense competition from rivals like JD.com and PDD Holdings. CEO Eddie Wu is leading efforts to revamp the company by focusing on core businesses and AI investments, despite regulatory and geopolitical challenges. Analysts remain hopeful that the Hong Kong listing will stabilize the stock and improve sentiment among mainland investors. Despite these challenges, Alibaba's cloud computing and international commerce divisions showed promising growth.