Macquarie issued a report on BABA-W (09988.HK) -6.800 (-4.218%) Short selling $1.99B; Ratio 9.592% , dropping its target price from $135.5 to $133.1 and maintaining an Outperform rating. The broker lowered its adjusted EBITA forecasts for the company by 1% and 2% for FY3/25E-26E to reflect segment margin performance.Alibaba sold its two largest non-core retail businesses, Intime and SUNART RETAIL (06808.HK) -0.060 (-3.261%) Short selling $1.94M; Ratio 3.705% , and reappointed Jiang Fan to lead a new e-commerce group covering both local and international e-commerce, Macquarie noted. The broker deemed this as a positive sign that the company is refocusing on its core e-commerce business, while looking to further leverage and create synergies with its supply chain.Related NewsCMBI Foresees BABA-W Quick Commerce Loss to Have Peaked; BABA-W Key Beneficiary of AI ThemeSince Taobao and Tmall Group is in the midst of a reinvestment cycle in user experience, Taobao and Tmall Group's EBITA ratio was expected to fall 3 ppts YoY to 43.4% in the last quarter. Taobao and Tmall Group's continued adoption of “Quanzhantui” and the 0.6% service fee effective for the full quarter will result in a 5bps YoY increase in commission rate to 3.9% for the quarter. Nourished by the trade-in policy of China and the gradual expansion of its customer base to WeChat Payment channel users, GMV was estimated to gain 4.6% YoY, while CMR was expected to rise 6% YoY.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-17 16:25.)