SA: Alibaba stock up 8% in Hong Kong as Jack Ma gives up control of sister firm Ant Group

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SEEKING ALPHA reports:

Alibaba (NYSE:BABA) rose some 8% Monday in Hong Kong after founder Jack Ma ceded control of sister company Ant Group, whose planned 2020 IPO fell apart when Ma’s criticism of Chinese regulators got both companies in hot water.

BABA rose as much as 8.3% to 110 Hong Kong dollars ($14.09) before pulling back to 109.6 Hong Kong dollars ($14.04) as of about 11:30 p.m. ET Sunday on news of Ant’s ownership restructuring.

BABA’s U.S. shares, which ...