Shares in Alibaba rose in their Hong Kong trading debut after the ecommerce group raised more than $11bn in this year’s biggest stock offering, in a move that makes the company’s shares much easier to trade among mainland Chinese investors.
Shares in the company opened 6.25 per cent higher at HK$187 ($23.90) on Tuesday, while the city’s benchmark Hang Seng index gained 0.4 per cent.
Minutes before the market opened, Daniel Zhang, the company’s chief executive, addressed an audience gathered at Hong Kong’s stock exchange for a listing ceremony. Alibaba has “returned home to Hong Kong”, he said, to a large round of applause.
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