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Alibaba Stock Plunges After Ant Group IPO Suspended

By
Juro Osawa
· · Source: The Information

Alibaba shares fell sharply in New York and Hong Kong after the Chinese e-commerce giant’s financial technology affiliate, Ant Group, suspended its $37 billion initial public offering. Ant’s dual listing in Shanghai and Hong Kong, originally scheduled for this Thursday, would have valued the company at $316 billion. Alibaba’s stake in Ant, 31.77% after the IPO, would have been worth about $100...

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