Alibaba's revamp puts renewed focus on Ant Group's suspended IPO
Publishing timestamp: 2023-03-29 04:09:30
Summary
Shares of Alibaba and other Chinese technology stocks led gains in Asia-Pacific after the company announced a major revamp to split the tech giant into six entities. Analysts believe that this move will likely 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. While there was no mention of Ant in Alibaba's announcement, analysts believe that the expected listing in Hong Kong will not happen anytime soon, but there is hope for a deal sooner rather than later.
Sentiment: NEUTRAL
Tickers: BABA, 9618-HK, 3690-HK, 1698-HK, 700-HK,
Keywords: financials, meituan, jd.com inc, technology, tencent music entertainment group, tencent holdings ltd, stock markets, business news, china, alibaba group holding ltd,
Source: https://www.cnbc.com/2023/03/29/alibaba-revamp-ant-group.html