Alibaba's shares opened 10% higher in Hong Kong on Friday to reach their highest level in more than three years, after it reported third-quarter revenues just above analysts' estimates and said it plans to invest more in e-commerce and AI.

Chief executive Eddie Wu said AI was "the kind of opportunity for industry transformation that only comes around only once every few decades."

Alibaba Group Holding on Thursday matched Wall Street expectations for third-quarter revenue, on strong year-end sales, highlighting the success of its strategy to attract cost-conscious consumers. The company's revenue was 280.

Chinese e-commerce retailer Alibaba (BABA) stock spiked over 8% after billionaire investor Ryan Cohen increased his stake to approximately

Billionaire investor Ryan Cohen has increased his personal stake in Chinese e-commerce giant Alibaba Group to roughly $1 billion in recent months, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Ryan Cohen still has his sights set on Alibaba Group and has been building up his position in the Chinese e-commerce behemoth.