Mar 29, 2023
Alibaba: China tech giant shares jump after breakup plan announced
Shares of Chinese technology giant Alibaba have jumped after it announced a plan to break up the company. Alibaba shares gained more than 14% in New York on Tuesday and were more than 13% higher in Hong Kong on Wednesday. The move comes after reports that Alibaba founder Jack Ma, who has rarely been seen in public in the last three years, resurfaced in China this week after a long absence. In filings to the US Securities and Exchange Commission and the Hong Kong Stock Exchange, Alibaba said the units will "Capture opportunities in their respective markets and industries, thereby unlocking the value of Alibaba Group's respective businesses". Mr Ma, who founded Alibaba, recently returned to China after more than a year overseas, according to a report in the Alibaba-owned South China Morning Post newspaper this week.
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