Alibaba Jumps 4% on Reports China Is Reconsidering Ant Group’s IPO

Alibaba Jumps 4% on Reports China Is Reconsidering Ant Group’s IPO

(Bloomberg) Shares of Alibaba Group rose more than 4% in premarket on Thursday on the news indicating that Chinese authorities are ready to revive Ant Group’s initial public offering.

Alibaba Jumps 4% on Reports China Is Reconsidering Ant Group’s IPO

The news bolstered sentiment among other Chinese tech giants, with KraneShares CSI China Internet Fund, an ETF that tracks Chinese stocks, up 1%.

Reports indicated that China had established a team to reassess the fintech giant’s share sale plans. Authorities are also said to be close to the final stages of issuing Ant with the long-awaited license that would clear the path for an IPO and permit it to run more like a bank.

The latest move has been interpreted positively by the market to mean that China is toning down on tech crackdowns that saw investors flee the country. It comes just a day after China approved the second batch of games this year. 

BABA: NYSE is up  currently up +2.66% in premarket.

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