Chinese tech giant, Alibaba Group Holding Limited (BABA) saw its stock trade 6% higher after China's Central Bank granted the permission to Ant Group to create a shell company. As per the Reuters report, the decision has made the investors hopeful that the government crackdown against companies listed in the US market has eased in the PRC.
Alibaba's stock has gone through a volatile 52-week period where it has continued to lose value in the market, dropping almost 50%.
During the pre-market trading, the stock shot up 9% on Friday but since then the hype has died down. Currently, the stock is trading at $105.40, up $3.95 or 3.89% since the previous close at $101.45.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.