Alibaba split-up plans boost Hong Kong stock market

SHANGHAI, March 29 (Reuters) – Hong Kong stocks surged in early morning trade on Wednesday, boosted by a jump in Alibaba’s 9988.HK shares following the internet giant’s split-up and listing plan.

Alibaba Group is planning to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises.

Hong Kong-listed Alibaba jumped 15% at the open, sending the Hang Seng Tech Index .HSTECH to gain more than 4%. The Hang Seng benchmark .HSI also climbed 2.9%.

China’s CSI 300 benchmark .CSI300, meanwhile, edged up 0.4%.

(Reporting by Shanghai Newsroom; editing by Uttaresh Venkateshwaran)

((Jason.Xue@thomsonreuters.com))

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