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Shares of Alibaba Group Holding Ltd. BABA,
climbed 7.3% to a more than 6-week high in pre-market trading on Wednesday, putting them on track for a fifth straight gain, after co-founder Jack Ma made his first public appearance in close three months. The rally of shares in the Chinese internet giant puts them on track to open at the highest price seen during regular session hours since December 4. A spokesperson for the Jack Ma Foundation confirmed to the Wall Street Journal that Ma attended the ceremony for the annual Rural Teachers Initiative event on January 20. Ma has not been seen in public since October 24, when Ma spoke at a financial forum and criticized regulators for stifling financial and technological innovation, as the WSJ reported. This led to regulators preventing Ant Group Co., controlled by Ma, from going public. Since Ma’s last public appearance until Tuesday, Alibaba’s stock has fallen 18.8%, while the iShares MSCI China ETF MCHI,
rose 13.0% and the S&P 500 SPX,
advanced 9.6%.
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