Alibaba's stock slips as big hopes on Ant IPO revival quickly fade

Alibaba Group Holding Ltd. whipsawed in US premarket trading after China’s regulator denied a Bloomberg report that it was working to revive the initial public offering of Jack Ma’s Ant Group Co. 
 

Shares of the e-commerce giant shot up as much as 7% earlier after a Bloomberg News report that China’s financial regulators have established a team to assess the fintech giant’s share sale plans. The stock quickly reversed those gains, falling 2% after the China Securities Regulatory Commission denied the report, but said it supports eligible internet platform companies to list overseas.

While Chinese tech shares lose some momentum