Momo Inc., one of China’s most popular social networks, saw its stock leap almost 20 percent following an announcement that Alibaba Holdings Group Ltd. vice chairman Joseph Tsai has joined the company’s board.

Momo received a privatization bid in June 2015, just six months after their NASDAQ listing in December 2014. Tsai’s involvement suggests that Alibaba could have a hand in the bid, which is currently led by Momo CEO Tang Yan, with participation from Matrix Partners China and Sequoia Capital.

Momo’s stock rose to $12 on Tuesday, it’s highest peak since May 2015. The company’s stock tumbled 40% in the second half of the year as progress on privatization stalled alongside general volatility in the Asian markets.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com