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...

 

more, including links

https://www.irishtimes.com/business/technology/alibaba-s-stock-jumps-6-9-in-hong-kong-trading-debut-1.4095268