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Alibaba Group Wins People’s Bank of China Ant Group License Approval

  • NYSE: BABA gained 0.78% in Friday’s trading session.
  • According to a report, the PBOC approved the Ant Group’s request.
  • JD.Com could start challenging AliBaba in the food delivery market.

NYSE: BABA jumped off the starting bell on Friday, but any early surge was quickly erased by a weekend bid for the broader markets. Shares of BABA gained 0.78% and closed the trading day at $102.24. The quarterly quadruple witch day for options expiration sent the major averages in opposite directions to close out the week. The Dow Jones was the only major index in the red after posting a 38 basis point loss, while the S&P 500 and NASDAQ added 0.22% and 1.43% respectively during the session.

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The main news in China was that the People’s Bank of China (PBOC) reportedly approved Ant Group for a financial holding license. It comes more than a year after Ant Group’s IPO was derailed following Beijing’s crackdown on its major tech companies. Ant Group will be a fully-fledged financial holding company, which many believe will mark its IPO renewal and public market debut in the near future. At the time of its initial IPO, Ant Group would have been the largest IPO in history with a pre-IPO valuation of $280 billion.

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AliBaba may soon have a new competitor in the Chinese food delivery market. E-commerce giant JD.Com (NASDAQ:JD) is reportedly considering entering the industry. The company is already battling food delivery giant Meituan, and a third tech titan could squeeze Alibaba’s overall market share.

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