What's Going On With Alibaba Stock Wednesday?

Alibaba Group Holding Limited BABA stock is trading lower Wednesday in line with broader indexes IShares China Large-Cap ETF FXI and KraneShares Trust KraneShares CSI China Internet ETF KWEB. 

Meanwhile, Alibaba remains engaged in driving value in different segments.

Alibaba Pictures Group looks to acquire a majority stake in Pony Media Holdings, which owns Damai, a significant producer of live performances in China, including concerts, festivals, plays, and sporting events. 

The $167 million deal aims to expand Damai's presence in the live entertainment industry, including event production, promotion, venue operation, and artist management, SCMP reports. 

Alibaba Pictures sees this acquisition as a way to enhance its offline entertainment business and build brand awareness. 

Alibaba Pictures will issue approximately 2.5 million shares to Alibaba Investment Limited to fund the purchase. 

This move will increase Alibaba Group Holding's stake in Alibaba Pictures to about 54.26%. 

On the other hand, Freshippo, the high-tech supermarket chain, is rapidly expanding its presence in China. 

It plans to open 30 stores nationwide in September, averaging one store opening daily. The growth reflects strong consumer demand for high-quality groceries and fresh food products. 

The new store openings include various formats, such as Freshippo Xiansheng supermarkets, Freshippo Mini shops, and Freshippo Outlet locations. 

Additionally, Freshippo plans to launch an entirely new model, the Black Label store, in Shanghai, offering a boutique grocery experience with upscale products worldwide. 

The company also looks to trial online operations for a Freshippo X Club location in central Beijing, the city's first downtown warehouse membership store. 

An interesting revelation came to the forefront from Intel Corp's INTC software developer conference in Silicon Valley. Alibaba is using its newest central processors to serve up chatbot technology, Intel said.

Price Action: BABA shares traded lower by 0.24% at $86.90 premarket on the last check Wednesday.