Hong Kong-listed shares of Alibaba tanked on Wednesday after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.
The Nikkei 225 in Tokyo returned from holiday to bloom 399.75 points, or 1.7%, to 23,695.23. The Japanese yen, often seen as a safe-haven currency, traded at 104.94 per U.S. dollar after seeing an earlier high of 104.35 against the greenback.
In Hong Kong, the Hang Seng index docked 53.59 points, or 0.2%, to 24,886.14.
By their Wednesday market close, shares of Alibaba in Hong Kong plummeted 7.5%. Alibaba owns a roughly 33% stake in Ant Group.
On Monday, the Chinese central bank and regulators issued new draft rules for online micro-lending, which could affect Ant Group. Ant Group was looking to raise just under $34.5 billion U.S. in what would have been the world’s biggest IPO, with a dual listing in Shanghai and Hong Kong initially planned for Thursday.
On the economic data front, Australia’s retail turnover fell 1.1% in September 2020 on a seasonally-adjusted basis, according to the country’s Bureau of Statistics.
Following that data release, the Australian dollar changed hands at $0.7087, after an earlier high of $0.7221.
Investor focus on Wednesday was also likely on the U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden. As of Wednesday afternoon Singapore time, no clear winner had emerged in a tight contest between the two.
CHINA
In Shanghai, the CSI 300 acquired 36.1 points, or 0.8%, to 4,813.66.
A private survey also showed China’s service sector activity growing in October, with the Caixin/Markit services Purchasing Managers’ index coming in at 56.8. PMI readings above 50 signify expansion, while those below that indicate contraction. PMI readings are sequential and represent on-month expansion or contraction.
In other markets
In Korea, the Kospi index added 14.01 points, or 0.6%, to 2,357.32.
In Taiwan, the Taiex Index grew 131.89 points, or 1%, to 12,867.90.
In Singapore, the Straits Times Index gained 18.76 points, or 0.8%, to 2,357.32.
In New Zealand, the NZX 50 jumped 69.62 points, or 0.6%, to 12,199.93
In Australia, the ASX 200 dropped 4.24 points, or 0.1%, to 6,062.13.
