Alibaba's restructuring has put renewed focus on Ant Financial's stalled IPO.


[Financial Channel/Comprehensive Report] After Alibaba Group announced that it would split into six business entities, Chinese technology stocks led the stock market in the Asia Pacific region on Wednesday (29th). The Hang Seng Technology Index rose nearly 3% in the afternoon, hitting a record high. highest level in months.

Alibaba's restructuring has also refocused attention on Ant Financial's stalled initial public offering (IPO).

Shares of Alibaba surged 12 percent in Hong Kong on Wednesday, their biggest gain since November, and tracked gains in its American depositary receipts.

Among its peers, Meituan rose 4 percent, while Tencent Holdings and Baidu gained just under 2 percent.

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Alibaba owns 33 percent of Ant Financial, which operates Alipay, one of China's two largest mobile payment apps.

Dickie Wong, executive director of Kingston Securities, said: "I really believe that Alibaba is targeting a bigger target. From a bigger perspective, Ant Group will obviously be reintroduced into the stock market." He said that although Ant Financial is expected to A listing in Hong Kong won't happen anytime soon, but there's good hope for an early deal.

Earlier this year, Ant Financial received approval from the China Banking and Insurance Regulatory Commission to expand its consumer finance business, a sign that the company may be one step closer to addressing regulators' regulatory concerns.

KraneShares chief information officer Brendan Ahern also said that investors will soon focus on Ant Financial's IPO.

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