Stock Market News
Alibaba stock set to open up 5.5% amid hopes regulatory crackdown is ending
2023.07.09 22:11
© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/File Photo
HongKong (Reuters) – Hong Kong shares of Alibaba (NYSE:) Group were set to open up 5.5% on Monday after China fined its affiliate, Ant Group, $984 million for violating “laws and regulations”, fuelling hopes that a years-long regulatory crackdown has come to an end.
Alibaba’s stock was set to open at HK$88.95.
On Saturday, Ant Group announced a share buyback that values the fintech giant at $78.54 billion, well below the $315 billion touted in an abandoned IPO in 2020.
