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Alibaba Surges in Hong Kong Stock Exchange Debut
Posted
November 26, 2019
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November 26, 2019
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2:46Now PlayingChinese e-commerce giant Alibaba's shares jumped more than 8% in their debut on the Hong Kong stock exchange on Tuesday, an auspicious start at a time when the former British colony is reeling from political unrest.
By mid-afternoon Tuesday, Alibaba was trading at 190.45 Hong Kong dollars (24.33 US dollars) per share.
Its offering price was 176 Hong Kong dollars.
The company's shares already are listed in New York, where its 2014 IPO set a record at 25 billion US dollars.
This offering of 500 million new shares raised more than 11 billion US dollars in Hong Kong's biggest listing since 2010 - a rare boost for the city after months of political unrest.
Charles Li, executive director and chief executive of Hong Kong Stock Exchanges praised the company for carrying out the listing.
"I am very thankful that Alibaba, after five years of traveling afar, finally came home. I'm also grateful that they choose to come despite the difficulties, despite the challenges that we are going through here in Hong Kong," Li said.
The closing price Monday for Alibaba's New York-traded shares was 190.45 US dollars per share.
Each of the US shares is the equivalent of eight Hong Kong shares, which would put the price in Hong Kong terms at 186.30 Hong Kong dollars per share.
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