Alibaba Up On News Of Ant's Proposal To Form Financial Holding Co

(RTTNews) - Chinese tech giant, Alibaba Group Holding Limited (BABA) saw its stock trade 6% higher after China's Central Bank granted the permission to Ant Group to create a shell company. As per the Reuters report, the decision has made the investors hopeful that the government crackdown against companies listed in the US market has eased in the PRC.

Alibaba's stock has gone through a volatile 52-week period where it has continued to lose value in the market, dropping almost 50%.

During the pre-market trading, the stock shot up 9% on Friday but since then the hype has died down. Currently, the stock is trading at $105.40, up $3.95 or 3.89% since the previous close at $101.45.