U.S. traded shares of Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -0.58% rallied Wednesday following a report that the Chinese e-commerce giant plans an initial public offering for Ant Financial Services Group. American depositary receipts of Alibaba surged as high as $258.49 Wednesday and closed up 9% at $257.68. On Tuesday, Reuters reported that Alibaba was seeking a Hong Kong IPO for Ant that would value the fintech segment at more than $200 billion. Reuters also reported, however, that Ant said information about its IPO plans was incorrect while Alibaba had yet to respond for a comment.
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