Alibaba Group reported an 86% drop in Q4 profit due to changes in equity investment valuations, causing its US-listed shares to fall nearly 6% despite beating revenue forecasts. The company plans to upgrade its Hong Kong listing to a primary one by August, maintaining its New York listing. Amid cautious consumer spending in China, Alibaba’s focus on low-cost goods boosted Q4 revenue by 7%. Net income fell to 3.27 billion RMB ($452 million) from 23.52 billion RMB ($3.25 billion) a year ago. Domestic commerce revenue rose 4%, while international digital commerce grew 45%, despite increased losses. The cloud division saw significant AI-related revenue growth. Chairman Joe Tsai noted early signs of consumer confidence.