Shares of Chinese technology companies rose sharply after news of a large-scale reorganization of the business of China’s largest company, Alibaba Group. Shares of Alibaba itself rose 14% in a trading session.
The Hang Seng Tech Stock Index, which tracks the market capitalization of Hong Kong’s top 30 BigTech companies, rose 2.47% at the close of the Hong Kong stock market on March 29.
For example, shares of tech giant Tencent rose 1.75% on the Hong Kong stock exchange, search engine Baidu 4.73%, logistics company Meituan 4% and trading platform JD , 1.9%.
The shares of the Alibaba Group itself on the first day after the announcement of the corporate reorganization rose 14.2% on the Nasdaq stock exchange and 12.2% on the Hong Kong stock exchange.
On March 28, China’s largest company Alibaba Group announced a large-scale business reorganization. The group will be divided into six companies that will be able to attract investment and plan an initial public offering of their own.
Author:
Kirill Bilyk
Source: RB
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