Ant Group Fires Up the Chinese Stock Market
COVID-19 and China
Image Credit: Markus Winkler/Unsplash

On July 21 all Alibaba-related stocks shot upwards. Alibaba (09988:HK) itself soared 7.26%, Ant Group index jumped at the opening bell, finishing the day 4.18% higher. What is more, more than 20 concept stocks shot through the roof. To name a few: Phoenix Publishing&Media (601928:SH), Hefei Urban Construction (002208:SZ), Zhangjiang Hi-tech (600895:SH), and Junzheng Energy & Chemical (601216).

A fire took hold in the Hong Kong stock market as well. Securities like China Dongxiang (03818:HK), Sinosoft Technology (01297:HK), and Yunfeng Financial (00376:HK), closed high this Tuesday. Among these, China Dongxiang led the rally, jumping up 31.76%.  

The wild stock markets came about because of the announcement of the long-awaited ‘A+H’ dual listing on July 20 from the largest global unicorn, Ant Group, which means the launches on both Star Market in Shanghai and Hong Kong. Though Ant hasn’t been priced yet, the projected valuation could over USD 200 billion.   

Ant will account for over 51% of the entire market capitalization of the Star Market after being publicly traded. And if the stock price rises by over 50% in the future, the market cap may outpace the performance of Kweichow Moutai (600519:SH).

Editor: Luke Sheehan

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