Post #150840

Alibaba, Tencent shares rise as investors bet China's tech crackdown is over Alibaba Group (9988.HK) and Tencent (0700.HK) 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. Following the penalty on Friday, the Alibaba affiliate announced a share buyback that values the fintech a 75% discount to the valuation touted in an abandoned initial public offering (IPO) plan, but is seen as providing liquidity and certainty to investors. Alibaba's Hong Kong-listed shares were up nearly 4% by 0230 GMT on Monday, outpacing a 1.3% gain for the broader market (.HSI), while Tencent's shares were up 1%. read more