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Alibaba Group Holding Ltd.’s US-listed stocks skyrocketed nearly 15% after a report that government officials might allow Jack Ma’s Ant Group Co. to revive its IPO.
Source: Bloomberg
BABA up +14.67%, HIS down -0.66%
The move will bolster confidence that the days of technology crackdown are coming to an end. Other large-cap Chinese internet shares also recovered some losses on the news.
The report is one of the clearest indicators yet that Beijing is easing its regulations after more than a year of a regulatory crackdown on the sector, erasing nearly $2 trillion in market value.
The sudden cancellation of Ant’s IPO in November 2020 signaled the start of China’s hallmark regulatory crackdown that has engulfed the nation’s internet sector.
The tech clampdown led foreign investors to flee from the market, and the sector was termed “uninvestable.” Alibaba owns nearly 30% of Ant.
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