(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.
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.
