Hong Kong CNN  —  Chinese tech giant Alibaba unveiled its latest artificial intelligence reasoning model on Thursday, boasting that its capabilities beat rivals like OpenAI and startup DeepSeek. The news prompted Alibaba’s Hong Kong-listed shares to close 8% higher and helped boost the Hang Seng’s China Enterprises Index. Alibaba touted its new model, QwQ-32B, in an online statement as delivering “exceptional performance, almost entirely surpassing OpenAI-o1-mini and rivaling the strongest open-