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Alibaba Joins Momo Buyout Group, Sparking Record Rally in U.S.

Alibaba Group Holding Ltd.’s finance affiliates have joined the group seeking to buy out Momo Inc., sparking a record rally in the Chinese dating app maker’s stock.

Momo surged 33 percent to $15.96 at 11:42 a.m. in New York, the biggest gain since its December 2014 initial public offering in the U.S. Trading volume of 11.3 million shares was more than 7 times the full-day average of the past three...