Some $63 Billion Richer, Alibaba Investors React to Ma’s Video
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A video of Jack Ma addressing teachers on Wednesday spurred the biggest stock rally in six months for Alibaba Group Holding Ltd., the retail behemoth he co-founded two decades ago.
The stock rose as much as 11% in Hong Kong, adding the equivalent of about $63 billion to Alibaba’s market value. More than 85 million shares had changed hands by 3:00 p.m., or about 2.5 times the three-month average for a full day. Alibaba Health Information Technology Ltd., which is controlled by Alibaba, surged as much as 18%.