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Alibaba shares plunge 9.6% in Hong Kong after Ant IPO scrapped

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Shares of Chinese e-commerce giant Alibaba tumbled in Hong Kong on Wednesday following a shock decision by Chinese regulators to scrap the public listing of its spin-off financial tech company Ant Group.

[HONG KONG] Shares of Chinese e-commerce giant Alibaba tumbled in Hong Kong on Wednesday following a shock decision by Chinese regulators to scrap the public listing of its spin-off financial tech company Ant Group.

As trading opened in Hong Kong, Alibaba's stock price fell 9.61 per cent to HK$271.00, following an eight per cent tumble in the company's share price overnight in New York.

AFP

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