a planned stock market debut by Ant Group, an
online finance company spun off from Alibaba,
was postponed.
Alibaba’s Hong Kong-traded shares were trading
4.8% higher this week.
Chinese leaders tried last week to stop the
stock market slide by promising support for
technology companies but gave no details of
possible initiatives.
The ruling party has expressed concern
private sector tech giants such as Alibaba and
Tencent Holding are too independent and
might use their market dominance to suppress
competition and hurt economic growth.
Alibaba earlier reported profit for the final
quarter of 2021 fell 74% from a year earlier to
20.4 billion yuan ($3.2 billion). Revenue rose 10%
to 242.6 billion yuan ($38 billion).