Alibaba Group is trading at HK$110.40, up +3.18%, amid reported insider buying; the report did not establish the purchases as the direct cause of the gain.
- An October 12 report said founder Jack Ma had bought more than HK$600 million of Alibaba shares.
- Chairman Joe Tsai and CEO Eddie Wu’s purchases took reported insider buying above HK$800 million combined. The report described the purchases as bolstering investor confidence.
- The supplied market indices were flat.