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Harry's impression: Alibaba lists in Hong Kong

11/29/2019


Chinese e-commerce giant Alibaba Group Holding Ltd listed on the Hong Kong Stock Exchange on 25 November, in reportedly the world’s biggest initial public offering this year. Shares closed at HK$187.60, 6.6 percent higher than the offering price of HK$176, creating the city’s biggest stock with a market value of HK$4 trillion. The listing was the most traded stock, making up 10.5 percent of turnover on the main board. Alibaba Executive Chairman and Chief Executive Officer Daniel Zhang was present at the ceremony, while founder Jack Ma delivered a video message before the event. Alibaba first listed on New York Stock Exchange in 2014. The company said it will use the proceeds from the share sale for strategies to expand its users, help businesses with “digital transformation, and continue to innovate and invest for the long term.”