Alibaba Stock Tumbled, Then Rebounded, on ‘Ma’ Confusion. What to Know.

GENLI.ORG

Alibaba stock dropped more than 9% in Hong Kong on Tuesday before bouncing back after an unconfirmed Chinese state media report said that an individual surnamed ‘Ma’ had been detained by police.

The stock later recouped its losses to trade up 0.3% after China’s state broadcaster CCTV revised its initial report to clarify that the individual was not Alibaba’s billionaire founder Jack Ma.

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