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Andrew Downe, Asia regional head of commodities and global markets at Macquarie Group, said, "Megvii is a global AI technology leader and innovator with cutting-edge technologies, a scalable business model and a proven track record of monetization. We believe the commercialization of artificial intelligence is a long-term focus and is of great importance."

Ancient origins

Analysis also warns of the consistent existence of counterfeit and shoddy products being sold through e-commerce platforms in China.

Analysts believed that a second listing in Hong Kong would create another large market for Alibaba's shares, potentially boosting its valuation.

Analysts said ASEAN's focus on regional cooperation implies the leaders' acknowledgment that they need to go beyond providing fiscal stimulus to their domestic economies.