SINGAPORE - Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba's stock soared on the internet behemoth's plans to split into six units. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.82 percent higher, while Japan's Nikkei advanced 0.49 percent . Hong Kong's Hang Seng index surged over 2 percent , buoyed by Alibaba after the Chinese e-commerce conglomerate announced its break-up plans. Alibaba's Hong Kong shares shot up 15 percent , while the company's U.S.-listed shares closed 14.3 percent higher. Alibaba to split into six units, explore IPOs The news l...Keep on reading: Asian stocks rally as banking anxiety eases; Alibaba surges