Alibaba Group Holding stock is trading higher amid reports of China looking to end its regulatory overhaul on fintech affiliate Ant Group with a penalty of at least 8 billion yuan ($1.1 billion) by Friday.
Portfolio Pulse from Benzinga Newsdesk
Alibaba Group Holding's stock is trading higher following reports that China is planning to conclude its regulatory overhaul on fintech affiliate Ant Group with a penalty of at least 8 billion yuan ($1.1 billion) by Friday.
July 07, 2023 | 10:31 am
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Alibaba's stock is trading higher due to the potential conclusion of the regulatory overhaul on Ant Group, which could reduce uncertainty for the company.
The news of the potential conclusion of the regulatory overhaul on Ant Group, an affiliate of Alibaba, is likely to reduce uncertainty for the company. This could be a positive for Alibaba's stock in the short term as it removes a significant overhang.
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