Shares of the Chinese online giant Alibaba Group Holding Ltd rose by 9.15% in trading in Hong Kong, peaking at 110.9 Hong Kong dollars per share. Shares rose in price after Guo Shuqing, deputy head of the People's Bank of China and secretary of the Communist Party committee established in the NBK, said that the tough policy towards Chinese technology companies had come to an end. According to the official, a special campaign to correct the financial activities of 14 Internet companies, including Ant Group, has largely been completed, and only a few issues remain to be resolved. Against this background, the Hang Seng Tech technology index closed on January 9 with an increase of 3.15%, to 4584 points. The Hang Seng China Enterprise Index (CEI) showed an increase of 1.99% to 7,286.07 points. An additional driver of the growth in the value of Alibaba shares was the news that the founder of Ant Group, Jack Ma, is transferring control of the financial and technology giant. The purpose of this reorganization is to draw a line under the claims from regulators that arose after the colossal IPO of the company was disrupted about two years ago. Recall that in October 2020, Ma criticized the Chinese authorities in the field of financial regulation. A few days later, the Chinese authorities canceled the upcoming IPO of Ant Group, which was supposed to amount to $37 billion. Alibaba was subsequently fined a record $2.8 billion in connection with antitrust violations. Previously, Ma owned and controlled more than 50% of the voting rights in Ant, but now his share will be reduced to 6.2%.
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