Why Alibaba Shares Are Rising Today

Alibaba Group Holding Ltd - ADR BABA shares are trading higher by 10.30% to $111.90 following reports suggesting China's central bank has accepted Ant Group's financial holding company application.

Reuters Friday morning said- although Ant has been working with financial regulators for months on a broad revamp, the central bank's agreeing to review the application signals the company could get its long-awaited license soon.

Reuters added that Ant is awaiting final feedback from financial regulators, especially the PBOC, on the set-up of the financial holding firm, one source said.

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Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume.

According to data from Benzinga Pro, Alibaba has a 52-week high of $230.89 and a 52-week low of $73.28.