Sun, September 25, 2022

Shares of Alibaba Listed on the Hong Kong Stock Exchange

Tech giants, Alibaba’s affiliate Ant Group

Mainland Chinese stocks led losses among the region’s major markets. Interestingly, it was a good day for Alibaba however, as its shares rose 4.16% on Wednesday. Let’s have a look at the stocks in the Asia Pacific.

The Shanghai Composite fell 1.3% to close at about 3’329.74. At the same time, the Shenzhen Component dropped 1’763% to end its trading day at around 13’428.40.

In Japan, the Nikkei 225 closed at 23’290.86. Meanwhile, the Topix index slightly fell to 1’624.48.

South Korea’s Kospi index gained 0.11% to close at 2’369.32.

Australia’s S&P/ASX 200 dropped 0.73% to close at 6,116.40.

Interestingly, in New Zealand the S&P/NZX 500 ended its trading day 0.32% higher at 12’031.51. It is worth mentioning that, trading on the country’s stock exchange was halted earlier on August 26 due to a potential second cyber-attack.

Hong Kong’s Hang Seng Index slightly changed on the day. As mentioned above, Hong Kong-listed shares of Chinese tech giant Alibaba rose 4.16%. It is worth mentioning that, Alibaba’s affiliate Ant Group filed for a concurrent listing on the Shanghai Stock Exchange’s STAR market, a Nasdaq-style tech board.

Notably, Ant Group which runs popular Alipay mobile payments app in China did not provide the details about the pricing of its shares.

Shares of Alibaba and Ant GroupMainland Chinese stocks on Wednesday

Shares of Alibaba rose on Wednesday. Let’s have a look at its affiliate Ant Group. Notably, the financial technology powerhouse is still under the control of Alibaba’s founder Jack Ma. Ant Group reported a profit of 21.9 billion Chinese yuan ($3.2 billion) on total revenues of 72.5 billion yuan in the first six months of the year.

Interestingly, Alipay has more than 1 billion annual active users and processed 118 trillion yuan in transactions in mainland China in the 12 months ended June 30. Moreover, it has an annual transaction volume of 622 billion in markets outside China.

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