Chinese stocks are on the move Friday as investors react to news that Ant Group may finally be able to go public.
To catch up traders real quick, Ant Group was planning for an initial public offering (IPO) back in 2020. However, Chinese regulators cracked down on the company after founder Jack Ma criticized them for stifling growth.
Fast forward two years and the People’s Bank of China (PBOC) has reportedly accepted Ant Group’s application to become a financial holding company. Insiders are expecting PBOC to approve this application.
If that happens, it means Ant Group is likely on track to hold its IPO, and it could be a doozy. Back in 2020, it was expecting to raise $37 billion from an IPO. That would have made it the largest IPO to date.
News of regulators easing up on Ant Group is causing other Chinese stocks to ride higher today. Let’s go over them below!
Chinese Stocks On the Move Friday
- Alibaba (NYSE:BABA) stock is heading 1.8% higher as of Friday morning.
- JD.com (NASDAQ:JD) shares are gaining roughly 4.6% as of this writing.
- Pinduoduo (NASDAQ:PDD) stock is getting a slight boost after rising higher earlier this morning.
- Nio (NYSE:NIO) shares are climbing 4.3% this morning following the news.
- Baidu (NASDAQ:BIDU) stock is heading 1.5% higher Friday morning.
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InvestorPlace offers up all of the latest stock market coverage traders need to know about! A few examples include what’s happening with shares of Alibaba stock, why cruise stocks are rising as well as the most recent Revlon (NYSE:REV) news. You can find all of this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.