DIDI - Alibaba Baidu rise as Chinese tech stocks show strong September start

Chinese tech stocks started September on a strong note, Wednesday, led by reaction to an affiliate of Alibaba Group (NYSE:BABA) reportedly working on a way to hold an initial public offering as soon as next month. According to a report from Reuters, Ant Group is linking up with several Chinese state-owned companies on a plan to form a joint venture that would ease Ant's path toward going public in the United States, with an IPO possible by October. The company was planning on going public last year, but that idea was shelved due to Beijing objecting to regulatory concerns about Ant's business operations. Alibaba (BABA) owns a piece of Ant, and both companies were founded by Alibaba chief Jack Ma. Alibaba shares rose 4.4%, to $174.37 Wednesday. Along with Alibaba, Baidu (NASDAQ:BIDU) shares rose 6%, to $166.37; Didi Global (NYSE:DIDI) climbed 11%, to $9.12 a share; Weibo (NASDAQ:WB) shares rose 5.5%, to $53.32; JD.com (NASDAQ:JD) was

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Alibaba, Baidu rise as Chinese tech stocks show strong September start