Alibaba Group Holding Ltd. (BABA, 9988.HK) saw its Hong Kong-listed shares jump over 19% after reporting a significant increase in revenue driven by AI initiatives.

Alibaba’s strong performance gave the Hang Seng a boost on Monday, but most other Asian markets declined as Wall Street pulled back from its recent record highs.

Alibaba's stock declined on Thursday following the release of its fiscal fourth-quarter earnings report, which fell short of analyst expectations on both revenue and profit.

Futures contracts on the Nasdaq 100 index saw a rise following strong earnings from Alibaba Group Holding Ltd., which sparked renewed optimism around artificial intelligence.