Shares of Alibaba continue to soar after the victorious listing in Hong Kong
After a thunderous listing in Hong Kong, the shares of Alibaba started surging for the second day.
Following the listing in the city, the shares of the Chinese e-commerce giant went up as much as 2.99% on Wednesday after it gained 6.6% on the first day itself.
As a result, the stock price of Alibaba rose around 9.6% above the initial listing price of 176 Hong Kong dollars (approx. $22.48) per share.
“Investors are jumping all over it in Hong Kong. I’m watching with interest, the 10% rally in the last couple of days since that listing … in Hong Kong. I think it’s a natural progression for that company to list over in Hong Kong,” James Gerrish, portfolio manager at Shaw and Partners, told CNBC’s “Capital Connection” on Wednesday and stated that the firm owns Alibaba stock across its international portfolios.
The secondary listing of the giant in the e-commerce industry marked the world’s largest offering so far in 2019 which surpassed the listing of roughly $8 billion raised by Uber in May. However, we are yet to see to be beaten to the title by Saudi Aramco’s anticipated listing in Riyadh in December.