(CNBC) Shares of Alibaba rose up to 9% in Hong Kong on Wednesday on reports that Jack Ma had appeared in Europe a day after releasing a new chip.
Ma had reportedly traveled to Spain over the weekend, accompanied by his business associates and friends, which raised optimism.
The stock’s surge was also boosted by the release of a new chip that aims to boost Alibaba’s cloud computing.
The Alibaba founder’s reappearance has been an area of focus after he disappeared from the public eye in October last year following his conflicts with Beijing.
Alibaba’s stock is down at least 23% year to date on growing uncertainties with the Chinese regulator and intense crackdowns on the technology sector. Ma’s absence was predicted to have a 10% impact on the stock.
9988: HKG is currently up +6.67%.
