Alibaba split-up plans boost Hong Kong stock market

Alibaba Group is planning to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises. Hong Kong-listed Alibaba jumped 15% at the open, sending the Hang Seng Tech Index to gain more than 4%.

Hong Kong stocks surged in early morning trade on Wednesday, boosted by a jump in Alibaba's shares following the internet giant's split-up and listing plan. Alibaba Group is planning to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises.

Hong Kong-listed Alibaba jumped 15% at the open, sending the Hang Seng Tech Index to gain more than 4%. The Hang Seng benchmark also climbed 2.9%. China's CSI 300 benchmark, meanwhile, edged up 0.4%.