E-commerce giant Alibaba (BABA) and other Chinese stocks rallied at the open on Wednesday amid easing regulatory concerns.
Ant Group, an affiliate of Alibaba, received approval from regulators to raise $1.5 billion for its consumer finance unit. The move would make it easier for the fintech giant, of which Alibaba owns 33%, to restart any efforts towards a public offering. Plans for an Ant Group IPO were squashed by regulators in 2020.
The fintech company operates one of China’s prominent mobile pay apps, Alipay. The move to expand its consumer finance unit is seen as a sign of easing regulations



