Alibaba shares reversed course in U.S. pre-market trading on Aug. 25 and were up 2.3%, according to market data from BIT (bit.com), after earlier falling more than 2.4%. The move came as Alibaba founder Jack Ma has been increasing his holdings in the company’s Hong Kong-listed shares over several days, with the total purchase amount exceeding HK$600 million. The buying was described as a show of firm confidence in Alibaba’s AI prospects. Alibaba Group Chairman Joe Tsai and CEO Eddie Wu have also recently bought additional shares, with their combined purchases topping HK$200 million. The shift from losses to gains in pre-market trading followed these disclosed insider buying moves.
Alibaba shares moved from losses to gains in U.S. pre-market trading on Aug. 25, rising 2.3% after earlier falling more than 2.4%, according to market data from BIT (bit.com).
Alibaba founder Jack Ma has increased his holdings in Alibaba’s Hong Kong-listed shares over several days, with the total amount exceeding HK$600 million, in a move described as showing firm confidence in the company’s AI prospects.
Alibaba Group Chairman Joe Tsai and CEO Eddie Wu have also recently bought additional shares, with their combined purchases exceeding HK$200 million.
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