Nov 26, 2019
Alibaba shares jump in blockbuster Hong Kong debut
Shares in Chinese e-commerce giant Alibaba have surged in its Hong Kong trading debut after wrapping up the year's biggest share sale. The move is seen as a boost for Hong Kong amid fears long-running protests have tarnished its reputation as a financial hub. Ahead of its Hong Kong debut, the company said the listing would allow investors across Asia to "Participate in Alibaba's growth," as it seeks to tap "Substantial new capital pools" in the region. The Hangzhou-based firm had originally considered a Hong Kong IPO in 2013, but opted for New York after failing to secure regulatory approval in the Asian territory. The move to go ahead with the share sale in Hong Kong comes after Alibaba delayed plans to list there earlier this year, amid ongoing unrest and the US-China trade war.
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