Welcome to this week’s edition of top stock highlights, where we feature interesting snippets from a wide range of companies.
Alibaba Group (HKSE: 9988)
Bloomberg reported that Chinese financial regulators have started early-stage discussions to potentially revive the IPO of Ant Group Co, a unit of Alibaba Group.
The news was a revelation, given Ant Group’s history.
More than 18 months ago, Ant Group’s listing was halted as regulators were unhappy with Alibaba’s founder Jack Ma.
If Ant Group had listed successfully in both Hong Kong and the US, it would have been a US$37 billion floatation.
Alibaba’s shares had already been climbing steadily since 26 May, when it closed at HK$81.10.
In the last few days, the technology company’s shares surged by 16.1% to close at HK$107.6, ostensibly because of rumours surrounding this news.
However, in a twist, Chinese regulators have refuted Bloomberg’s news report, claiming that no such review or research was being conducted....