Alibaba Group Holding Ltd.'s Hong Kong-listed shares surged by up to 5.2% following their inclusion in China's Stock Connect program, which allows direct investment from mainland Chinese investors. On the first day, investors purchased HK$8.5 billion worth of shares, accounting for about half of the day's turnover. Analysts from Morgan Stanley predict that this inclusion could attract between $17 billion and $37 billion in the next year, while UBS analysts noted a muted market reaction. This move follows Alibaba's recent switch to a dual-primary listing, allowing it to join other major Chinese tech firms like Tencent and Xiaomi in the Stock Connect program. The company hopes this will help it recover from a multi-year regulatory crackdown and a sluggish domestic market. Additionally, Chinese regulators recently announced the completion of Alibaba's three-year rectification period after a record fine for monopolistic practices.