Alibaba shares hit 6-month high after Jack Ma cedes control of Ant Group, amid a broad rally in Asian shares
approved Ant to more than double its registered capital in its consumer finance arm to 18.5 billion Chinese yuan . This led to an 18% gain in Alibaba's stock price last week, as"the market believes the governmental investment means that the conflict between Jack Ma and the authorities has come to an end," Ming Lu, the China head at Singapore-based Aequitas Research wrote in a note on Monday.
Overall, Asian shares also rallied on Monday. China's reopening boosted market sentiment after the countryon Sunday, allowing incoming travelers to enter without quarantine — a major reversal after three years of strict zero-COVID policies. Outside China, South Korea's Kospi closed 2.6% higher, while Nikkei futures were up 0.9%. Japanese markets were closed for a public holiday on Monday.There could be further upside ahead, Nomura analysts wrote in a note on Monday.
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