Alibaba Stock Rises on Report Ant Group Could Be Given Permission to Set Up Bank Holding Company

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By William McCormack

June 17, 2022 11:20 am ET

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Shares of e-commerce giant Alibaba Group Holding (ticker: BABA) are rising on a report that China has agreed to allow Ant Group to establish a financial holding company, creating a path for Ant to resuscitate its plan for a public listing.

Alibaba is up about 1% to $102.41 in early Friday trading. Shares had gained as much as 11.1% today. The stock is up 8.1% in the past month but is still down 12.6% so far this year. Ant is an affiliate company of Alibaba.


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