Alibaba's stock price is up 2.16% despite concerns over China's economic recovery and a potential COVID wave. The manufacturing PMI dropped to 48.8, indicating a contraction in the economy, which could negatively impact Alibaba's revenues. However, the stock is still trading higher, suggesting that investors may be focusing on other factors or have already priced in these concerns. The potential COVID wave could also impact Alibaba's operations and revenues, but the current stock price movement indicates a neutral short-term impact.