Alibaba’s Hong Kong shares surge 16% on split-up plans

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

The stock jumped as much as 16.3% to HK$98, its highest since Feb 21, on course to snapping three consecutive sessions of losses and tracking a 14.3% rally in its U.S.-listed shares overnight.