Alibaba shares plunge 9.6% in Hong Kong after Ant IPO scrapped

Shares of Chinese e-commerce giant Alibaba tumbled in Hong Kong on Wednesday following a shock decision by Chinese regulators to scrap the public listing of its spin-off financial tech company Ant Group.

As trading opened in Hong Kong, Alibaba’s stock price fell 9.61 percent to HK$271.00, following an eight percent tumble in the company’s share price overnight in New York.