Alibaba (BABA.US) trades under pressure in the US pre-market session following reports that Shanghai Stock Exchange suspended IPO of Ant Group, affiliate of Alibaba. Ant Group was expected to go public on Thursday, November 5. The IPO price of HK$80 valued the company at over $300 billion! Moreover, the IPO order book reportedly stood at around $3 trillion! Projected IPO sale proceeds of $34.5 billion would dethrone Saudi Aramco's $25 billion offering and make it the largest public debut in history. Shanghai Stock Exchange said that conditions for listing were not met following the latest regulatory changes. Ant Group confirmed later that the Hong Kong IPO was also suspended (company planned a dual-listing in Shanghai and Hong Kong). Alibaba trades around 8% lower in the US pre-session trading.
Alibaba plunged to around $285 in today's pre-market trading on Ant Group IPO suspension. The closest support level can be found at $265. Source: xStation5
US OPEN: Bloody end to the quarter. Intel loses nearly 1/3 of its value, and the crypto market shakes off a hack on the largest exchange.
Market Wrap: Binance Hack Shakes Markets. European Equities Under Pressure
Tech sell off continues, as UK yields defy government dithering on spending cuts
Intel has come face to face with reality. A Turnaround is still a long way off.
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.