Alibaba has a successful debut in Hong Kong
The stock ended its first trading day about 6.5% above its listing price
Stocks impacted: Alibaba (BABA, 9988)
On Tuesday, it was the first trading of Alibaba stocks on the Hong Kong Stock Exchange. Immediately after the open, shares were trading at a nearly 3% discount from their closing price on the New York Stock Exchange. Soon, the prices gained more than 6% and then accelerated the rally to nearly 8%, signaling a perfect debut in Hong Kong. The stock ended its first trading day about 6.5% above its listing price. The company issued 500 million new ordinary shares for the secondary listing which is the largest public offering so far this year and could reach nearly $13 billion. As a reminder, Alibaba’s debut on the New York Stock Exchange in 2014 raised a total of $25 billion, making it the largest public offering in history.
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