Alibaba shares rise 8% in Hong Kong as Jack Ma relinquishes control of sister company Ant Group

China International Import Expo (CIIE) - Day One

Lam Dao Truong

alibaba (NYSE:TORTOISE) surged more than 8% on Monday in Hong Kong after founder Jack Ma ceded control of sister company Ant Group, whose 2020 IPO plan failed as Ma criticized regulators. Chinese law makes both companies hot-tempered.

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