According to the latest reports, Ant Group’s application for a financial holding company has been accepted by the People’s Bank of China (PBOC). This comes after Ant Group went through the effort of reorganizing its business to please regulators.
It looks like that work is finally paying off, with insiders expecting PBOC to approve Ant Group’s application. This could allow the company to move forward with plans for an IPO that were shelved two years ago due to regulatory pressure.
Investors are going to want to keep an eye on Ant Group and its potential IPO. When it was first set to take place, the company was expecting to raise $37 billion, which would of made it the largest IPO to date, Reuters notes.
With Ant Financial being an affiliate of Alibaba and both being founded by businessman Jack Ma, it makes sense that BABA stock is reacting to today’s news. Currently, some 25 million shares of the stock have changed hands. That’s quickly approaching the company’s daily average trading volume of 32 million shares.
BABA stock is up 2.9% as of Friday morning and was up roughly 10% when the opening bell rang.
You can find more of the latest stock market news for today below!
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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.