Alibaba group’s shares shot up in Hong Kong yesterday after investors endorsed a planned revamp of the company.
The news and founder Jack Ma’s return, are seen as a sign that Beijing’s two-year crackdown on the tech sector is ending.
Alibaba said on Tuesday it was planning to split into six units and explore fundraisings or listings for most of them, in the biggest restructuring of the technology conglomerate in its 24-year history.
The group’s Hong Kong-listed shares jumped as much as 16.3%, tracking a 14.3% rally in its US-listed shares overnight, leading the benchmark Hang Seng Index and broader markets in the region higher.
