Alibaba's Hong Kong shares surge 16% on breakup plans

Alibaba's Hong Kong shares surge 16% on breakup plans

FILE PHOTO: A man walks past a logo of Alibaba Group at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang

Hong Kong shares of Alibaba Group soared on Wednesday, marking a vote of confidence from investors after the company announced a major restructuring plan.