World’s trading giant is studying blockchain to adopt it to Alibaba service.
The Hang Seng index in Hong Kong advanced on the back of Chinese tech stock increases. There were also rallies in the US and the APAC region.
Alibaba shares retraced after Ant said that it had no interest in an IPO. The planned IPO would have been the biggest in history.
The approvals of 60 gaming licenses in China have stoked bullish investor confidence in tech stocks with the Hang Seng Tech Index advancing 4%.
The establishment of ANEXT is a sign that the firm is still keeping track of its growth push, and should the new firm trail Ant Group’s style of growth, it stands the chance of becoming a mega unicorn in the near future.
The robust reports on Chinese tech stocks came in the midst of the strict Covid policy in China that has been choking the nation’s economy.
Stocks in the Asian market are largely seeing a bad day as the shares of tech giants buckled under the realities in the broader global market.
In the early trading hours in Hong Kong, the Alibaba stock had a 9.4% pullback, erasing about $26 billion off its value.
European markets opened 1.3% lower at the beginning of the week as investors continue to monitor developments around the war in Ukraine.
As a multi-billion dollar conglomerate, Tencent is spreading its tentacles to a number of emerging technologies to boost its role as a pioneer in the Chinese internet ecosystem.
The Beijing-based firm is amongst the few remaining businesses from the early wave of AR eyewear manufacturers.