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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
Updated on

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.