Shares of China’s largest e-commerce giant Alibaba Group Group rose in the Hong Kong market on the 7th. Reuters reports that it is likely to announce a fine of more than 8 billion yuan (about 160 billion yen) on the fintech company Ant Group as soon as the same day.
The People’s Bank of China (PBOC) plans to announce the fines it will impose on Ant once the regulatory review is complete, Reuters said, citing people familiar with the matter.
The move would allow Ant to obtain a financial holding company license, resume expansion, and eventually revive plans for an initial public offering (IPO), Reuters reported.
Alibaba shares finished 3.4% higher in Hong Kong on Thursday. At one point, it was up 6.4%. Alibaba’s American Depositary Receipts (ADRs) were also higher in pre-market trading.
Breaking Up Alibaba
The major restructuring announced in March 2023 that promises to yield several initial public offerings
Source: Data compiled by Bloomberg
Original title:Alibaba Surges on Report China to Unshackle Ant With Fine (1)、China to Wrap Ant Probe With $1.1 Billion Fine, Reuters Says (1)(excerpt)
(Adds and updates Alibaba stock price trends. Part of this article uses automatic translation.)
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2023-07-07 07:09:26
