Chinese E-Commerce Giant Alibaba Jumps More Than 8% in Hong Kong Debut By Investing.com

Chinese E-Commerce Giant Alibaba Jumps More Than 8% in Hong Kong Debut

Stock Markets Nov 25, 2019 11:49PM ET

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Chinese E-Commerce Giant Alibaba Jumps More Than 8% in Hong Kong Debut

Investing.com - Shares of Chinese e-commerce giant Alibaba Group Holding Ltd (HK:9988) surged more than 8% in its Hong Kong debut on Tuesday.

The company priced its shares at HK$176 ($22.5) apiece and issued 500 million new ordinary shares plus 75 million “greenshoe” options. If the overallotment option is exercised, underwriting banks will be able to sell more shares than the original amount set.

Alibaba’s secondary listing in Hong Kong became the world’s largest offering so far this year. However, it is expected to be beaten to the title by Saudi Aramco’s anticipated listing in December.

Alibaba’s stock trades under the code 9988, auspicious numbers in Chinese culture that connote prosperity.

It is a homecoming of sorts for the company, as it launched its IPO five years in New York and dealt a blow to Hong Kong’s ambitions.

“When Alibaba Group went public in 2014 , we missed out on Hong Kong with regret. Hong Kong is one of the world’s most important financial centers,” Daniel Zhang, CEO and chairman of Alibaba said in a letter to investors in mid-November.

“Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright,” Zhang said. “We hope we can contribute, in our small way, and participate in the future of Hong Kong.”

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