Alibaba Group shares jump about 5% after Alipay launches a new merchant platform, lifting investor sentiment ahead of the company’s upcoming June-quarter earnings. One outlet reports the stock is up as much as 5% on the news, while another notes the broader rebound.
The outlets also frame the move in the context of Alibaba’s recent performance. One source says the shares have rallied more than 40% from a June low, following a selloff earlier this year. Bloomberg adds that the platform launch is seen as improving optimism for the period before the June-quarter results, which are scheduled for later this week.
