US Stock Market Move | Flathead Semiconductor is planning to conduct an IPO. Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose nearly 4% before the market opened.

On Thursday, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose nearly 4% in pre-market trading, now trading at $175.20. On the news front, it was reported that Alibaba Group Holding Limited Sponsored ADR is preparing to push its chip manufacturing division, Pingtouge Semiconductor, to go public, benefiting from investors' strong interest in a few companies in this field that are trying to compete with NVIDIA Corporation. According to sources familiar with the matter, as a first step, Alibaba Group Holding Limited Sponsored ADR plans to reorganize the division into a business entity partially owned by employees. Subsequently, the company will consider conducting an initial public offering (IPO), but the specific timing is still unclear. It is reported that the process is still in the early stages, and it is not clear how much valuation Pingtouge Semiconductor can obtain.