Alibaba shares jump in blockbuster Hong Kong debut

Sun Online Desk

26th November, 2019 01:29:25 printer

Alibaba shares jump in blockbuster Hong Kong debut

 

Shares in Chinese e-commerce giant Alibaba have surged in its Hong Kong trading debut in one of the year's most anticipated stock offerings, reports BBC.

The firm, which is already traded in the US, raised around $11.3bn (£8.8bn) in its secondary listing.

At the launch, Chairman Daniel Zhang cheered Alibaba's return to Hong Kong.

The move is seen as a boost for the city amid fears long-running protests have tarnished its reputation as a financial hub.

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.

 

 


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