Alibaba’s stock jumps 6.9% in Hong Kong trading debut
Chinese e-commerce giant has raised at least $11.3 billion from the secondary listing
The Irish Times
Nov 26, 2019
Alibaba’s Hong Kong shares made a solid debut on Tuesday, trading 6.9 per cent higher than their issue price and at a small premium to pricing in New York after marking the world’s largest stock sale this year.
The Chinese e-commerce giant has raised at least $11.3 billion from the secondary listing, which has been seen as a vote of confidence in Hong Kong amid six months of sometimes violent anti-government protests.
That amount could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade. By late morning, the shares were exchanging hands at HK$188.10. That compares with its issue price of HK$176 and a closing price for Alibaba’s ADS of $190.45 which would be equivalent to HK$186.3 a share as each ADR is worth eight Hong Kong shares.
The Hong Kong and New York stocks are fungible, which means investors can...
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