Ali Baba
The giant Alibaba shares witnessed a strong rise during trading on Wednesday, following the Chinese group announced the separation of all its six subsidiaries to be managed independently, as each of them will have a special CEO and an independent board of directors.
This is also explained by Alibaba that each of them will have the ability to seek fundraising through subscriptions and listing in the financial markets when appropriate, as Alibaba indicated that it has taken this decision to unleash shareholder value and enhance competitiveness in the market.
In terms of trading, Alibaba’s share rose at the closing bell on the Hong Kong Stock Exchange by 12.23%, to record 94.55 Hong Kong dollars, and Alibaba’s share, listed on the New York Stock Exchange, rose by 14.26%, recording 98.40 US dollars, by the end of yesterday’s session.
Accordingly, the main stock index in Hong Kong – the Hang Seng Index – witnessed a strong rise during trading on Wednesday, and closed the session up by 2.06%, to record 20,192.40 points, following the news of the massive restructuring of Alibaba’s business.
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