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Shares of Alibaba (BABA - Free Report) popped about 3% in early morning trading Thursday after a new report suggested that the e-commerce behemoth is planning for a stock listing in its home country of China.
Citing people familiar with the matter, The Wall Street Journal reported early Thursday that Alibaba could be on track for a domestic stock listing as soon as this summer, so long as Chinese securities laws are revised to allow such an offering.
“Since our IPO in the US, we have stated that if regulations allow, we would consider a listing in China,” the company said in a statement to CNBC.
This latest development comes on the back of Alibaba founder Jack Ma’s recent comment that his company will “seriously consider” a public listing in Hong Kong. Alibaba originally went public in the U.S. after Hong Kong regulators would not approve the company’s leadership structure.
Last month, Chinese internet stocks surged after it was reported that the nation’s authorities were working on a plan to allow foreign-listed tech giants to trade on domestic exchanges. The world’s most-populous nation is apparently working to attract foreign money and develop its own financial markets.
Meanwhile, Alibaba continues to witness remarkable growth thanks to the strength of its core business, as well as its investments in industries like financial services, smart vehicles, artificial intelligence, and digital media. Based on our current Zacks Consensus Estimates, the company is expected to witness EPS growth of 49% and net sales growth of 65% in the current fiscal year.
BABA has also emerged as one of the hottest stocks on Wall Street over the past few years. Shares have skyrocketed more than 90% within the past 52 weeks, including an impressive 15% over the past month. Alibaba is currently sporting a Zacks Rank #3 (Hold), as well as an “A” grade for Growth in our Style Scores system.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Why Is Alibaba (BABA) Stock Popping Today?
Shares of Alibaba (BABA - Free Report) popped about 3% in early morning trading Thursday after a new report suggested that the e-commerce behemoth is planning for a stock listing in its home country of China.
Citing people familiar with the matter, The Wall Street Journal reported early Thursday that Alibaba could be on track for a domestic stock listing as soon as this summer, so long as Chinese securities laws are revised to allow such an offering.
“Since our IPO in the US, we have stated that if regulations allow, we would consider a listing in China,” the company said in a statement to CNBC.
This latest development comes on the back of Alibaba founder Jack Ma’s recent comment that his company will “seriously consider” a public listing in Hong Kong. Alibaba originally went public in the U.S. after Hong Kong regulators would not approve the company’s leadership structure.
Last month, Chinese internet stocks surged after it was reported that the nation’s authorities were working on a plan to allow foreign-listed tech giants to trade on domestic exchanges. The world’s most-populous nation is apparently working to attract foreign money and develop its own financial markets.
Meanwhile, Alibaba continues to witness remarkable growth thanks to the strength of its core business, as well as its investments in industries like financial services, smart vehicles, artificial intelligence, and digital media. Based on our current Zacks Consensus Estimates, the company is expected to witness EPS growth of 49% and net sales growth of 65% in the current fiscal year.
BABA has also emerged as one of the hottest stocks on Wall Street over the past few years. Shares have skyrocketed more than 90% within the past 52 weeks, including an impressive 15% over the past month. Alibaba is currently sporting a Zacks Rank #3 (Hold), as well as an “A” grade for Growth in our Style Scores system.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>