Alibaba, US-Listed China Stocks Rally on Ant Capital Plan Nod
- Regulators approve plan for Ant to raise $1.5 billion for unit
- Golden Dragon China Index has best start to a year on record
Alibaba Group Holding Ltd. led an advance in US-listed Chinese stocks on Wednesday, with Ant Group Co.’s approved fundraising plan boosting optimism that China’s regulatory clampdown on its internet sector is easing.
Alibaba, which owns a stake in Ant, rallied 13% in its biggest one-day gain since June, while its trading volume surged to around 200% of the three-month average. Its e-commerce peers JD.com Inc. and Pinduoduo Inc. also traded up 15% and 7.7% respectively.
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Alibaba, US-Listed China Stocks Rally on Ant Capital Plan Nod