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Benzinga
Benzinga
Business
Henry Khederian

Why Alibaba Shares Are Rising Today

BABA (Organization) Alibaba Ant Alibaba Group Holding Ltd Ant Group NYSE China

Alibaba Group Holding Ltd - ADR (NYSE:BABA) shares are trading higher by 10.30% to $111.90 following reports suggesting China's central bank has accepted Ant Group's financial holding company application.

Reuters Friday morning said- although Ant has been working with financial regulators for months on a broad revamp, the central bank's agreeing to review the application signals the company could get its long-awaited license soon.

Reuters added that Ant is awaiting final feedback from financial regulators, especially the PBOC, on the set-up of the financial holding firm, one source said.

See Also: Crypto Vs Stocks: Correlation Trends In The Bear Market

Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume.

According to data from Benzinga Pro, Alibaba has a 52-week high of $230.89 and a 52-week low of $73.28.

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