Deals
Alibaba Unit's Mystery Jump in Focus After $1.4 Billion Deal
- Ali Health had surged more than 50 percent before announcement
- Chinese investors piled into the Hong Kong stock last week
Alibaba Sells Medical Assets to Hong Kong Arm for $1.4 Billion
This article is for subscribers only.
For the past few days, the question has been popping up on trading desks across Hong Kong: What’s up with Alibaba’s health unit?
Largely ignored by analysts and stuck in a tight trading range for more than a year, the stock on May 17 suddenly turned into one of the world’s best performers for no apparent reason. It surged 56 percent in the span of six trading days, with turnover in one session almost doubling that of HSBC Holdings Plc -- a company about 20 times its size.