By Bingyan WangShares of Alibaba Group Holdings are higher following news that co-founder Jack Ma is taking control of affiliate Ant Group Co. ceding, potentially paving the way to revive plans for an IPO by the fintech giant. Alibaba’s Hong Kong-listed shares rose as much as 8.3% during early trading Monday, extending year-to-date gains to 27%. Equities outperformed a 1.7% gain in the city’s broader Hang Seng index and contributed to a 3.0% rise in the city’s technical index. The new change of control, announced by Ant over the weekend, brings the company one step closer to restructuring. Shares of Alibaba last rose 7.6%.

Source: Wall Street Journal January 09, 2023 04:27 UTC