Key News
Asian equities had a strong day as Japan was on holiday for Respect for the Aged Day.
Jack Ma’s voting rights in financial technology giant Ant Group were lowered to 6.2% from 53.4%, though he still has a significant economic interest in the company. Alibaba jumped +8.66% on the news, becoming the most heavily traded Hong Kong stock by value today. While Ant downplayed the potential for an IPO, the move, along with the company adding independent board members, makes the company more appealing to investors as “…no shareholder, alone or jointly with other parties, will have control over Ant Group.” Exchanges in Mainland China and Hong Kong have rules that require a waiting period of one year or more after a change in control prior to an IPO, which raises the attractiveness of a US listing. Time will tell!
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