Alibaba’s stock surges after Jack Ma’s appearance in Europe, new chips released

Alibaba Group founder Jack Ma will attend the opening ceremony of the 3rd All China Young Entrepreneurs Summit on September 25, 2020 in Fuzhou, Fujian Province, China.

Ryumin | Chugoku Shimbun by Getty Images

Guangzhou, China — Alibaba Hong Kong shares rose 9% on Wednesday following the founder’s report. Jack Ma After traveling to Europe and releasing new chips.

Stock prices moderated some of these rises, rising just under 7% in the afternoon trading.

Tuesday, Hong Kong-based publication East Week report Ma traveled to Spain for a sailing vacation with his millionaire friends and business partners over the weekend. The report cited sources that could not be named due to confidentiality considerations.

Alibaba-owned South China Morning Post later paper Report Ma was in Spain for a study tour of agriculture and technology related to environmental issues.

Alibaba was not able to get immediate comments when contacted by CNBC.

Horse whereabouts have been a hot topic of debate since him Out of public view October last year After the speech In it he appeared to be criticizing Chinese regulators.

There is no doubt that Jack Ma’s disappearance will affect Alibaba’s share price by at least 10%.

Tariq Denison

GFM Asset Management

Initial Public Offering of Ma FinTech Giants After that, AntGroup was stopped.. Since then, China’s technology sector has also been under close scrutiny by regulatory agencies.

Chinese tech companies have seen billions of dollars wiped out Of their evaluation. Alibaba Listed stocks in the United States have fallen by more than 23% year-to-date.

“There is no doubt that Jack Ma’s failure to go missing will affect Alibaba’s share price by at least 10%, as this is one of the uncertainties many investors have about stocks. That’s right, Tarik Denison, a manager of GFM Asset Management based in Wei Hong Kong, told CNBC.

In January, when the horse reappeared for the first time since the October speech Alibaba’s stock price soared on the day..

Alibaba also released some news this week related to cloud business.On Tuesday, the company Launch new chips Designed for servers to enhance cloud computing capabilities.

Clouds An important part of Alibaba’s future growth.. It currently accounts for 8% of the company’s total revenue.

The e-commerce giant also said it plans to do it on Wednesday Opened new data centers in South Korea and Thailand Next year, we will continue to expand the cloud business overseas.

“Today’s move is only part of a broader recovery / reverse correction, where Alibaba shares fell 30% from their lows earlier this month, but 35% below their February highs,” Denison said in an email. I see it. “

Alibaba’s stock surges after Jack Ma’s appearance in Europe, new chips released

Source link Alibaba’s stock surges after Jack Ma’s appearance in Europe, new chips released

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