Mar 30, 2023 04:25 AM
BUSINESS
Alibaba Leads China Tech Share Gains as Breakup Spurs Recovery Bets
Shares of Alibaba surged 12% in Hong Kong Wednesday, the most since November
(Bloomberg) — Alibaba Group Holding Ltd.’s massive overhaul plan boosted Chinese tech stocks as investors bet the sector is in for an overdue revaluation in an improving regulatory environment.
Shares of Alibaba surged 12% in Hong Kong Wednesday, the most since November and tracking gains in its American depositary receipts. Among its peers, Meituan rallied 4% while Tencent Holdings Ltd. and Baidu Inc. advanced slightly less than 2%.
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