Alibaba’s Hong Kong Shares jump Nearly 15% on Six-Way Split Plans
Alibaba Group's Hong Kong shares rose sharply on Wednesday, tracking an overnight jump in its American stock after the e-commerce giant said it plans to split into six units, with potential fundraising and listings for most of them. The stock (HK:9988) rose 13.5% to an over one-month high of HK$95.55 shortly after the open, and was set for its best day in 11 months. This also pushed the Hang Seng index up 2.2%. Alibaba’s American Depository Receipts (NYSE:BABA) jumped 14.3% in overnight trade. Shares of Japanese investment house SoftBank Group Corp. (TYO:9984), which holds a sizeable stake in the e-commerce firm, jumped over 5% on Wednesday. Softbank (OTC:SFTBY) had recently trimmed its stake in Alibaba to generate cash amid a severe downturn in its other technology investments. But the fi...