Shares of Alibaba (NYSE: BABA) were moving higher last month after the Chinese tech giant announced a plan to break up the company.

That decision comes after the stock has swooned in the face of COVID-19 lockdowns, sluggish growth, and a crackdown by the Chinese government after founder Jack Ma made critical remarks about Beijing finance ministers.

According to S&P Global Market Intelligence, the stock finished the month up 16%. As you can see from the chart below, those gains came entirely at the end of the month after Alibaba announced the breakup news.

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Source Fool.com