Futures are indicating a higher open again this morning after the three major U.S. indices finished green in yesterday’s trading session, bucking October’s fade. We will see what this election day has in store.
If you’ve been waiting for an entry point for this behemoth, your chance may be coming.
Share price of Alibaba Group Holding Limited (BABA) slumped in early trading today after Shanghai Stock Exchange officials suspended Ant Group’s IPO.
The exchange said Ant’s recent disclosure regarding regulatory changes in its key markets is a significant development that could mean it has failed to meet pre-set rules for providing timely information.
Ant Group, a digital payments company of which Alibaba owns a 33% stake, was set to list around 11% of it’s equity on both Shanghai and Hong Kong stock exchanges later this week as part of the $37 billion listing of Ant Group, the world’s biggest IPO.
Alibaba’s U.S. listed shares traded 9.3% lower in pre-market trading immediately following the news, trimming their six month gain to around 47.5% and bringing share price down to around 1.5% shy of its buy zone.
Considering Alibaba’s position at the top of its industry in China, the IPO suspension may be just a setback along the company’s strong path.
