Asian tech stocks surge following Alibaba's revamp plan and easing banking anxiety.
TL;DR Summary
Chinese technology stocks, including Alibaba, Meituan, JD.com, and Tencent, led gains in Asia-Pacific after Alibaba announced a major revamp to split the tech giant into six entities. Analysts believe that the revamp will put the spotlight back on Ant Group's record-breaking IPO, which was unexpectedly suspended in November 2020. Alibaba owns 33% of Ant, which operates AliPay, one of China's two dominant mobile pay apps. The expected listing in Hong Kong will not happen anytime soon, but there's big hope for a sooner-than-later deal.
- Alibaba's revamp puts renewed focus on Ant Group's suspended IPO CNBC
- Asian stocks mixed as anxiety over banks starts to fade The Associated Press
- Alibaba revamp plan lifts tech stocks in Hong Kong, pushes index past 20,000 South China Morning Post
- Asia-Pacific shares rise tracking Wall Street's gains overnight as contagion fears from b. Seeking Alpha
- Wednesday Outlook: Asian stocks rally as banking anxiety eases; dollar on the defensive ZAWYA
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
1 min
vs 2 min read
Condensed
76%
343 → 84 words
Want the full story? Read the original article
Read on CNBC