By Bingyan WangShares of Alibaba Group Holdings are higher following news that co-founder Jack Ma is ceding control of affiliate company Ant Group Co., potentially paving the way to revive plans for an initial public offering by the fintech giant. Alibaba's Hong Kong-listed shares advanced as much as 8.3% in early trade Monday, widening its year-to-date gains to 27%. Shares are outperforming a 1.7% gain in the city's broader Hang Seng Index and helping lift the city's tech index by 3.0%. The new change of control, announced by Ant over the weekend, moves the company a step closer to restructuring. Shares of Alibaba were last up 7.6%.

Source: Wall Street Journal January 09, 2023 03:35 UTC