Bitcoin rally and Alibaba share purchases: the numbers moving markets
Bitcoin and gold rallied this week as the size of America’s sovereign debt continued to haunt global financial markets. Meanwhile, Alibaba Group Holding’s top executives and founder Jack Ma bought back shares, and Shein announced plans for a smaller Hong Kong initial public offering than previously expected. Here are some of the figures that have drawn the most market attention this week.…
In a recent week, Bitcoin and gold experienced a rally due to concerns over America's increasing sovereign debt. The fast-food giant Alibaba Group Holding experienced significant share purchases from its top executives and founder Jack Ma. The executives collectively bought more than HK$800 million (US$102 million) worth of the company's Hong Kong-listed shares within days, with Ma accounting for more than HK$600 million of the purchases.
Their confidence in Alibaba, which is also exploring artificial intelligence, was evident in their actions.
Meanwhile, Bitcoin reached above US$80,000 for the first time in three months this week, climbing past US$80,900 on Tuesday. This surge occurred as Washington attempted to curb elevated Treasury yields, which in turn boosted interest in alternative assets, like cryptocurrencies. In other financial news, Hong Kong's lived-in home prices index fell by 0.46 percent in July compared to the previous month, marking the first decline in the index in 16 months.
Conversely, Shein, a prominent fast-fashion company, announced plans for a smaller Hong Kong initial public offering, aiming to raise up to HK$13.85 billion (US$1.76 billion). The company is offering 279 million shares priced between HK$47.60 and HK$49.50 apiece, with trading set to commence on September 1, as per a stock exchange filing.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
