TECH - Why Alibaba Stock Is Trading Higher On Friday? | Benzinga
Cainiao Network Technology Co., the logistical powerhouse behind Alibaba Group Holding Ltd (NYSE: BABA), is gearing up to debut on the Hong Kong stock exchange, triggering a rally in the stock prices Friday.
The stock also trades higher in sync with the broader indexes IShares MSCI China ETF (NASDAQ: MCHI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE: KWEB).
Insiders suggest that the IPO could position Cainiao as one of the pioneering units of the Chinese tech giant to venture into the public domain.
While the company has set its sights on amassing a minimum of $1 billion through the share offering, the final valuation remains under wraps, Bloomberg reports.
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