Alibaba pares gains as Chinese state media denies report PBOC accepted Ant application

maybefalse/iStock Unreleased via Getty Images

• Alibaba (NYSE:BABA) gave back most of its gains on Friday after Chinese state media denied an earlier report that the People's Bank of China had accepted Ant Group's application to set itself up as a financial holding company.
• Alibaba (BABA) shares were up 2% shortly before 11 a.m. EST, but had been up as much as 10% after a Reuters report that said the PBOC accepted Ant's application this month.
• Last Thursday, several media outlets reported that Chinese finance regulators were mulling reviving an IPO of Jack Ma's Ant Group as the country's crackdown on internet companies begins to ease.
• Reuters reported at the time China's central leadership has given initial nod for Ant to restart its IPO plan in Shanghai and Hong Kong. Ant is said to plan to file preliminary IPO prospectus as soon as next month.
• China's regulator denied the report and said it's not working on reviving an IPO of Ant Group.

Comments

[GD062XX]

This is the second time in two weeks China has come out a disposed the rumor of ANT IPO. Since the last one came from Reuters, I believe in 6 mo.'s the news will be true. BABA wants to run

[Scotts Miracle-Gro Sucks]

Great news, would be heading to $300 but we have this massive Biden recession now

[Allen Greathouse]

Typical Chinese nonsense.

[slomotion16]

@Allen Greathouse typical Trumpy comment.

Read the article, your favorite western media printed, China denied. You act like this doesn’t happen in the good ole USA.

[Allen Greathouse]

@slomotion16 Nope. What is going on with China and ANT does not go on in the US. Only in an autocratic dictatorship does this sort of thing happen.

[slomotion16]

@Allen Greathouse You're such an amateur. Don't worry, child, you'll learn.

[sbwiad33]

Just remember that even if Ant IPO happens what happened to the algorithms they were supposed to modify as part of the crackdown so this tells me this isn’t the same Ant anymore. It’s like modifying Upstart then later taking it IPO not the same thing. Will be valued less.

[Clark158f1]

ANT IPO is only a matter of time.....Hoping to get some BABA in the $ 90's before it occurs.

[Harry Sack]

@Clark158f1 will be sub $100 next week.

[Godspeed Trader]

@Clark158f1 $66 better

[JakerTrade]

At these intraday level 102 - looks like a very short term / low risk entry level

Possible Bearish candlestick form today / possible recovery to bullish candlestick at end of dy to continue climb higher. With the early morning sell down, it's almost free to tag along and see how day plays out.

Long BABA ( Trade )

[sbwiad33]

China News Yo Yo typical news vs denying news one can go crazy with this type of stock can anyone sue China or BABA ? No they can’t be sued sorry not playing this kind of games.

[pcgupstate]

Fake news

[Term Limits For Parasites]

It'll happen sometime in the next few years.

[Godspeed Trader]

another perfect indicator to unload all your shares above $100. Recession is coming pal!

[LongGone21]

@Godspeed Trader Ha ha - not in China.

[User 56360468]

@LongGone21 China's already in a recession and it's even worse than the one in America. Thank Xi's lockdowns for that. The Chinese GDP numbers are always inflated by about 3% no matter what.

[Godspeed Trader]

@LongGone21 ha ha

[InvestingIdeas]

Here we go again... no way ANT will IPO in the middle of a market crash (unless forced to)

[LongGone21]

@InvestingIdeas It will no doubt take some time, and I somehow anyway doubt a company as successful as BABA in a market still growing, despite everything, is going to worry too much about the sorry state of the US economy.

[Greenhorn Investor]

@InvestingIdeas perhaps not anytime soon but it should at some point.

[goodfellasfinancial]

Standby for contrary Bloomberg report...market has been trying to hold this down for years

[kevinconnolly]

@goodfellasfinancial Senior--------the KING of FAKE News-------Bloomberg LLP!!

[fcbergeron]

Honestly, this is our last saving grace to return to $200.

[ValueFollower]

Ant IPO just matter of time, BABA is coming back.

[RunDog]

@ValueFollower -- "China's regulator denied the report and said it's not working on reviving an IPO of Ant Group."

[Ali888]

@RunDog that was on June 9th...