TELETRADER News
3/28, 11:54 AM
(Source: TeleTrader)
Alibaba soars 5.8% premarket as it plans to split into 6 units
Shares of Alibaba Group Holding Limited jumped more than 5% in premarket trading as the company is seeking to split into six units, according to a statement from group CEO Daniel Zhang.
In early trading on Tuesday, it emerged that the $220 billion firm will be divided into several divisions encompassing e-commerce, media, and cloud, each of which will explore fundraising or an IPO when the appropriate time comes. Zhang will lead the cloud intelligence division.
At 5:50 am ET, Alibaba shares rose by 5.85% to sell for $91.18.