Alibaba stock rises in Hong Kong trading debut

News Broadband Hong Kong 26 NOV 2019
Alibaba stock rises in Hong Kong trading debut

Alibaba Group has completed its listing on the Hong Kong stock exchange. After pricing the IPO at HKD 176 per share, the stock rose 6.6 percent on its first day of trading, to HKD 187.60. 

This is the company's second listing, after selling depositary shares in New York in 2014. The Hong Kong shares and ADS are fully exchangeable. 

The listing raised a gross HKD 88 billion, which Alibaba said it plans to use for further expansion of its e-commerce and internet businesses. 

Categories:

Internet

Companies:

Alibaba

Countries:

Hong Kong

Tags:

Corporate, Financial funding

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Alibaba Group has priced its stock offering on the Hong Kong exchange at HKD 176 per share, both for the retail and institutional parts of the offer. Based on the ratio of eight shares per ADS, this equals a price of USD 180 per ADS, a small discount on its recent trading price. 

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