Why Alibaba Stock Popped Today
The Motley Fool
JULY 7, 2023
So what Chinese officials this morning announced a $984 million fine, ending an investigation that began in late 2020 when the government blocked its initial public offering (IPO), kicking off a widespread crackdown on Chinese tech companies and a massive sell-off in the Chinese tech sector. As of 12:02 p.m. ET, the stock was up 7.9%.
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