Asian tech stocks surge following Alibaba's revamp plan and easing banking anxiety.
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.