Alibaba Joins Momo Buyout Group, Sparking Record U.S. Rally
Chinese dating app maker rallies most since 2014 IPO
Momo ADRs have more than doubled from record low in February
Alibaba Group Holding Ltd.’s finance affiliates have joined the group seeking to buy out Momo Inc., sparking a record rally in the Chinese dating app maker’s stock.
Momo surged 34 percent to $16.09 in New York on Wednesday, the biggest gain since its December 2014 initial public offering in the U.S. Trading volume of 15 million shares was more than 10 times the full-day average of the past three months.