Alibaba Group Holding Limited BABA stock is trading higher Tuesday amid reports of China's science and technology ministry's meeting on July 5 with firms including Xiaomi Corp XIACF XIACY, iFlytek, and Alibaba Cloud to discuss innovation and national strategic scientific and technological initiatives.
China will support private enterprises to create leading science and technology enterprises and encourage more talents to gather in leading private science and technology enterprises, Reuters cites Minister Wang Zhigang.
Last week Alibaba heaved a sigh of relief after China ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty of 7.12 billion yuan ($984 million).
The record penalty will help revive its listing plans that regulators ditched at the last moment in 2020.
Reportedly, Alibaba is considering selling shares of Ant Group back to the fintech company, which has proposed a $6 billion share repurchase program.
Alibaba, which holds a 33% stake in Ant, proposes to transfer any repurchased shares into the fintech company's employee incentive plan.
In FY22, Alibaba Cloud generated nearly $12 billion of revenue for the company — 8% of turnover.
Price Action: BABA shares traded higher by 0.55% at $91.06 premarket on the last check Tuesday.
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