Hong Kong Rises with Gains from Alibaba

Asia-Pacific markets were mostly higher on Wednesday as Alibaba’s Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.

In Japan, the Nikkei 225 ballooned 365.53 points, or 1.3%, to 27,883.78.

In Hong Kong, the Hang Seng Index spiked 407.75 points, or 2.1%, to 20,192.40.

Shares of Tencent rose 2.5%, Meituan gained 4.6%, Baidu rose nearly 2% and Kuaishou gained 3.8% in Hong Kong’s morning trade.

Australian shares moved higher as the country’s February consumer price index rose 6.8%, lower than expected.

In other markets

In China, the CSI 300 recovered 6.63 points, or 0.2%, to 4,006.14.

In Singapore, the Straits Times advanced seven points, or 0.2%, to 3,262.54.

In Taiwan, the Taiex regained 68.28 points, or 0.4%, to 15,769.76.

In Korea, the Kospi inched forward 8.98 points, or 0.4%, to 2,443.92

In New Zealand, the NZX 50 backed down 34.52 points, or 0.3%, to 11,736.75.

In Australia, the ASX 200 forged ahead 16.24 points, or 0.2%, to 7,050.33.