• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Alibaba shares surge nearly 7% after Jack Ma appears in Europe and company releases new chip

4 years ago
in Business, highlights, Home, home-news, latest News
2 min read
0 0
0
83
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Alibaba shares surge nearly 7% after Jack Ma appears in Europe and company releases new chip

Alibaba’s Hong Kong shares rallied as much as 9% on Wednesday following reports that its founder Jack Ma traveled to Europe and after the release of a new chip.

The stock pared some of those gains and closed 6.6% higher.

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

The South China Morning Post, which is owned by Alibaba, later published an article reporting Ma was in Spain for an agriculture and technology study tour related to environmental issues.

Alibaba was not immediately available for comment when contacted by CNBC.

Ma’s whereabouts have been the topic of intense discussion since he went out of the public view last October after a speech in which he appeared to criticize Chinese regulators.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

The initial public offering of Ma’s fintech giant Ant Group was subsequently suspended. Since then, China’s technology sector has also come under intense scrutiny from regulators.

China’s technology companies have seen billons of dollars wiped off of their valuations. Alibaba’s U.S.-listed shares are down more than 23% year-to-date.

Read This: IMF downgrades its growth forecast for Asia, says Covid still ‘ravaging’ the region

“There is no doubt in my mind that Jack Ma no longer being missing would have at least a 10% impact on Alibaba’s share price, as that has long been one of the uncertainties many investors have had about the stock,” Tariq Dennison, wealth manager at Hong Kong-based GFM Asset Management, told CNBC.

In January, when Ma reappeared for the first time since the October speech, Alibaba’s shares surged on the day.

Alibaba also released some news related to its cloud business this week. On Tuesday, the company launched a new chip designed for servers in a bid to boost its cloud computing capabilities.

Cloud is seen as a key part of Alibaba’s future growth. It currently accounts for 8% of the company’s total revenue.

The e-commerce giant also said on Wednesday that it plans to open new data centers in South Korea and Thailand next year to continue overseas expansion of its cloud business.

“I see today’s move as just part of a broader recovery/reverse correction, where Alibaba shares are now 30% off their lows just earlier this month, but still 35% below their February highs,” Dennison said in an email.

Source: cnbc
Via: norvanreports
Tags: AlibabaAnt GroupJack Ma
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.