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Alibaba stocks soar on delist plan
Shares in Chinese e-commerce giant Alibaba.com soared yesterday after the website’s parent, Alibaba Group, bid up to HK$19.6bn (£1.6bn) yesterday to buy out minority shareholders and delist the business. Alibaba Group, led by Jack Ma, offered a 46 per cent premium of HK$13.50 a share for the 27 per cent it does not already own, sending the stock up 43 per cent to HK$13.20, valuing the company at HK$66bn.