Alibaba stock skyrockets on news of Chinese government market stimulus

The Chinese stock market has been going through a prolonged period of decline that saw the CSI 300 index – the index of 300 blue-chip companies listed on the Shanghai and Shenzhen exchanges – and the HSI index – the benchmark index for the Hong Kong stock exchange – slump approximately 30% in the last 52 weeks.The downturn was severe enough that a Singaporean hedge fund pursuing a strategy of going long on Chinese stocks and shorting the Japanese market closed its doors on Tuesday, January 23.In response, t ...