E-commerce giant Alibaba’s shares jump 7% in Hong Kong debut
Chinese e-commerce giant Alibaba’s shares have jumped nearly 7% in their debut on the Hong Kong stock exchange.
By midday on Tuesday, Alibaba was trading at 188.10 Hong Kong dollars ($24.03) per share. Its listing 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.
This offering of 500 million new shares raised more than $11 billion in Hong Kong’s biggest listing since 2010 — a rare boost for the city after months of political unrest.
Alibaba’s 55-year-old founder, Jack Ma, is China’s richest entrepreneur with a net worth of $39 billion, according to the Hurun Report, which tracks the country’s wealthy.
The company’s share code, 9988, is a homonym in Chinese for “eternal prosperity.”