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Alibaba shares hit record high

26 Aug 2020 02:58 PM

Shares of Chinese e-commerce giant Alibaba today rose to a record high on news that the company's subsidiary Ant Group has applied for IPO on the Shanghai and Hong Kong stock exchanges.

With the Hong Kong market closed today, shares of Alibaba jumped 4.16% to  280.40 HK dollars (36.18 USD) a share. Additionally, the company's shares in New York have risen nearly 15% in the past 30 days.

Ant Group operates Alipay, one of the two dominant online payment methods in China, and the target float is expected to be around $225 billion, with the IPO to raise as much as $30 billion.

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