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Alibaba and Tencent buoyed by hope of end to tech crackdown

  • 📰 Reuters
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

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Hong Kong investors bet big on China's Alibaba and Tencent, amid signs that Beijing's regulatory crackdown on the country's tech sector was finally winding down

that values the fintech company at a 75% discount to the valuation touted in an abandoned initial public offering but is seen as providing liquidity and certainty to investors.

Besides Ant, the Chinese authorities also fined Tencent's online payment platform Tenpay nearly 3 billion yuan over areas such as customer data management. The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/File Photo The buyback will be one of the first opportunities for Ant investors who had participated in three funding rounds from 2015 to 2018 to sell out of the company.

 

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Alibaba, Tencent shares rise as investors bet China's tech crackdown is overAlibaba Group and Tencent shares rose in Hong Kong on Monday after China's $984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crackdown on the country's technology sector.
Source: Reuters - 🏆 2. / 97 Read more »