Stock Market

Alibaba Shares Jump 9% Amid NBK Statement

Shares of Chinese online giant Alibaba rose 9.15% in Hong Kong trading to peak at HK$110.9 per share.

The tech giant’s shares rose sharply after People’s Bank of China (PBOC) deputy governor and secretary of the Communist Party committee set up at the PBOC, Guo Shuqing, said the crackdown on Chinese tech companies had come to an end, Bloomberg writes.

According to a senior official, a special campaign to correct the financial activities of 14 Internet companies, including Ant Group, is basically completed, with a few issues remaining to be resolved.

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Alibaba (NYSE:BABA) shares rose 8.66% to HK$110.4 in trading on Monday.

Against this backdrop, the Hang Seng Tech Tech Index closed at auction on January 9 with an increase of 3.15%, to 4570.72 points. The Hang Seng China Enterprise Index (CEI) rose 1.99% to 7286.07 points.