Why Is Alibaba (BABA) Stock Up 3% Today?

  • Alibaba (BABA) stock is getting a boost from Ant Group news.
  • This includes reports that the People's Bank of China has accepted an application.
  • This could be a sign that an Ant Group initial public offering (IPO) is on the way.
Alibaba Group (BABA stock) headquarters sign located in Hangzhou China

Source: Kevin Chen Photography / Shutterstock.com

Alibaba (NYSE:BABA) stock is on the rise Friday as reports claim that an Ant Group initial public offering (IPO) could still be in the works.

According to the latest reports, Ant Group’s application for a financial holding company has been accepted by the People’s Bank of China (PBOC). This comes after Ant Group went through the effort of reorganizing its business to please regulators.

It looks like that work is finally paying off, with insiders expecting PBOC to approve Ant Group’s application. This could allow the company to move forward with plans for an IPO that were shelved two years ago due to regulatory pressure.

Investors are going to want to keep an eye on Ant Group and its potential IPO. When it was first set to take place, the company was expecting to raise $37 billion, which would of made it the largest IPO to date, Reuters notes.

With Ant Financial being an affiliate of Alibaba and both being founded by businessman Jack Ma, it makes sense that BABA stock is reacting to today’s news. Currently, some 25 million shares of the stock have changed hands. That’s quickly approaching the company’s daily average trading volume of 32 million shares.

BABA stock is up 2.9% as of Friday morning and was up roughly 10% when the opening bell rang.

You can find more of the latest stock market news for today below!

InvestorPlace is home to all of the most recent stock news traders need to know about! That includes what’s happening with Revlon (NYSE:REV) stock, why cruise stocks are moving as well as this morning’s biggest pre-market stock movers! You can read up on all of these matters at the links below!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/06/why-is-alibaba-baba-stock-up-3-today/.

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