Home Business News Alibaba shares soars in strong HK IPO

Alibaba shares soars in strong HK IPO

by LLB Editor
26th Nov 19 6:05 am

Shares in Chinese e-commerce giant Alibaba soared following its hotly anticipated Hong Kong trading debut today.

Inone of the year’s most anticipated stock offerings, Alibaba raised around $11.3bn (£8.8bn) in its secondary listing.

The move comes at a turbulent time for Hong Kong which is marred by long-running protests.
At the launch, Chairman Daniel Zhang cheered Alibaba’s return to Hong Kong.

In opening moves on Hong Kong’s Hang Seng Index on Tuesday, Alibaba’s stock jumped more than 6%.

The company was met with strong appetite for its shares, priced at HK$176 each.

Mr Zhang struck the gong at the ceremony at the city’s exchange and welcomed the firm’s return “home” to Hong Kong.

He was joined by the territory’s Financial Secretary Paul Chan and former Hong Kong chief executive Tung Chee-hwa.

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