Alibaba Debuts at Hong Kong Stock Exchange

Alibaba Group Holding Ltd. makes a strong debut on the main board of Hong Kong stock exchange, Nov. 26, 2019. (Xinhua/Zhu Xiang)

HONG KONG (Xinhua) — Chinese e-commerce giant Alibaba Group Holding Ltd. made a strong debut on the main board of Hong Kong stock exchange on Tuesday with shares jumping 6.88 percent in the morning session.

Shares started trading at 187 Hong Kong dollars in the morning, 6.25 percent higher than its initial public offering (IPO) price of 176 Hong Kong dollars. By midday close, Alibaba’s share price went up to 188.1 Hong Kong dollars.

The Hangzhou-based group has issued 500 million shares plus an over-allotment option of 75 million additional new shares to raise up to 101.2 billion Hong Kong dollars through the IPO.

The IPO has made Alibaba the first overseas company to raise funds from the Hong Kong market through a secondary listing, which first debuted in New York in 2014.

It has also become another Hong Kong-listed company that has weighted voting rights structures, following smartphone maker Xiaomi and group buying website Meituan Dianping. (1 U.S. dollar equals to 7.83 Hong Kong dollars)