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Alibaba Slips as Big Hopes on Ant IPO Revival Quickly Fade

  • Stock retreats as China says not working on reviving Ant IPO
  • More signs point to an easing in Beijing’s crackdown on tech
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WATCH: China’s regulator denied a report by Bloomberg that it was working to revive the IPO of Ant Group Co. Stephen Engle reports.

Source: Bloomberg
Updated on

Alibaba Group Holding Ltd.’s US-listed shares slipped after China’s regulator denied a Bloomberg News report that it has started early stage discussions on reviving the initial public offering of Jack Ma’s Ant Group Co.

Shares of the e-commerce giant dropped 8.1% Thursday, after shooting up around 7% in premarket trading on the Bloomberg report. The stock quickly erased earlier gains after the China Securities Regulatory Commission said it isn’t conducting work on reviving the Ant IPO, although it supports eligible internet platform companies to list in China and overseas. Meanwhile, Ant said it has no plans to initiate an IPO.