Stocks extend gains Thursday morning after a strong showing on Wednesday.
Shares of the large Chinese tech conglomerate Alibaba Group (NYSE: BABA) had blasted nearly 20% higher this week as of 1:09 p.m. ET Thursday, according to data from S&P Global Market Intelligence. The move comes after Alibaba announced that it is planning a major restructuring effort that will see the massive company split into six different parts and potentially involve numerous initial public offerings. Earlier this week, Alibaba announced that it plans to reclassify into a holding company and then split into six different divisions to house its various businesses including its cloud intelligence group, Taobao Tmall commerce group, local services group, Cainiao smart logistics group, global digital commerce group, and digital media and entertainment group.
(Bloomberg) -- Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., has started preparations with banks for its Hong Kong initial public offering, people familiar with the matter said, paving way to be the first of the Chinese tech firm’s six business units to go public.Most Read from Bloomberg$52 Billion Chipmaking Plan Is Racing Toward FailureNew Yorkers Are Moving to These Three Florida Cities$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot MarketUS Air Forc