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Alibaba Jumps as SoftBank Denies Involvement in Stock Filing

  • Alibaba up as much as 7% in Hong Kong while SoftBank added 6%
  • SoftBank said not responsible for Alibaba share registration
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WATCH: Atul Goyal, senior equity research analyst at Jefferies, discusses SoftBank Group Corp.’s financial results and its prospects.Source: Bloomberg
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Alibaba Group Holding Ltd. shares jumped in Hong Kong as SoftBank Group Corp. said it wasn’t involved in the Chinese tech giant’s filing of additional American depositary shares, allaying investor fears that the firm’s largest shareholder might be looking to cash out. 

Shares in Alibaba had fallen earlier this week after the firm filed to register an additional one billion ADSs with the Securities and Exchange Commission. That triggered analyst speculation that SoftBank might look to dispose of some of its shares, particularly as it is seen to need cash to fund buybacks.