Alibaba crashes in the stock market after the suspension of the Ant Group IPO

November 04, 2020 13:30

Alibaba crashes in the stock market after the suspension of the Ant Group IPO

Alibaba shares closed last night with a collapse of around 8% on both the New York Stock Exchange and the Hong Kong Stock Exchange after regulators unexpectedly suspended the listing of its subsidiary, Ant Group.

The Alibaba fintech IPO was to take place tomorrow, November 5, in the Shanghai and Hong Kong markets and the operation was expected to bring in more than 34 billion dollars.

Since September 2019, Alibaba has been the owner of a third of Ant Group, the parent of the payment platform Alipay. The price per share that had been set for Ant on the Shanghai Stock Exchange was 68.8 yuan (10.25 dollars) and 80 Hong Kong dollars (10.32 dollars) on the Hong Kong Stock Exchange.

Alibaba CFD Daily ChartSource: Admiral Markets MetaTrader 5. Alibaba CFD Daily Chart. Data range: from June 21, 2019, to November 4, 2020. Prepared on November 4, 2020, at 11:30 a.m. Keep in mind that past returns do not guarantee future returns.

Despite the fall in last night's session, Alibaba has accumulated a rise of just over 30% on the New York Stock Exchange since the beginning of 2020. In the last five years, it has closed negatively only in 2018, with a drop of just over 20%.

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