Alibaba’s stock surges: Alibaba announced that it will split its empire into six different businesses, in a move that is seen as very investor-friendly. This has had a positive impact on the stock market, with shares rising by 12% today. China is trying to show its pro-business stance in a number of ways, including a recent meeting on the reopening of the economy attended by CEO Tim Cook from a major US tech company.
This split is a significant catalyst, with the entire company valued at $530 billion. Around 12% of Alibaba’s shares will be sent to Beijing, with an equal amount being sent by Beijing driven. The US is also sending some of its own shares to China’s largest exporter of the world, to the value of around $1.5 billion. This move signals a significant return to China’s largest export markets, and looks set to be a very big deal.
Additionally, Alibaba is sending $1 billion to the UN as part of its ongoing efforts in the region. The company currently holds a very large stake in the UDrops, valued at $2.2 billion.