A person walks past a sign for Alibaba Group during the World Artificial Intelligence Conference, in Shanghai, China, on Sept. 1, 2022.Aly Song/Reuters
Alibaba Group’s BABA-N plans for a major revamp have been taken as a signal that Beijing’s regulatory crackdown on corporates is ending, propelling its shares higher and boosting investor confidence in prospects for Chinese tech firms.
The Jack Ma-founded conglomerate said on Tuesday it was planning to split into six units and explore fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history.
Its Hong Kong-listed shares closed up 12 per cent, tracking a rally in its U.S.-listed shares overnight, and giving the group a market value of about $255-billion. Those gains led the Hang Seng Index and other markets in the region higher.
Many investors have seen a wave of regulatory blitzes over the…
