Asian shares mostly rise, but Hang Seng drops over 2% as Alibaba tumbles on reports of headquarter shift

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The Hang Seng tumbled as Chinese markets returned to trading after the New Year's holidays. Alibaba and some Adani-linked companies were under pressure.

BANGKOK — Shares were trading mixed in Asia on Monday after Wall Street benchmarks closed higher on Friday, capping a third week of gains out of the last four.Attention was turning to Wednesday’s decision by the Federal Reserve on interest... BANGKOK — Shares were trading mixed in Asia on Monday after Wall Street benchmarks closed higher on Friday, capping a third week of gains out of the last four.Attention was turning to Wednesday’s decision by the Federal Reserve on interest rates.

The Hong Kong newspaper South China Morning Post reported that the company had denied it was planning such a change, saying the new campus in Singapore will house regional operations with partners like Lazada. Alibaba is headquartered in the east Chinese city of Hangzhou. Shares in some companies in the Adani Group recovered some lost ground after recent massive losses after U.S. short-selling firm Hindenburg Research published a report alleging major problems within India’s second-largest conglomerate, which has holdings in energy, data transmission, construction and other major industries.

 

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