Alibaba shares soar after Jack Ma reported on Europe trip

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Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe

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, fuelling investor hopes that the worst of China’s regulatory crackdown for the internet giant might be over.

Ma’s presence in Spain — for a “study tour of the agricultural industry and technology related to the environment” — was reported by the South China Morning Post, which is owned by Alibaba. That sentiment has also helped buoy Hong Kong’s stock exchange, which has been hammered by China’s regulatory crackdown in recent months.

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