Shares in Alibaba jumped as it debuted on the Hong Kong Stock Exchange.
In Brief:
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The company’s listing was the largest of the year so far.
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500mn ordinary shares were issued at around US$22.5 per share.
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The shares had risen by 8% and were still up 6.5% as the market closed.
What does this mean?
Stock in the ecommerce giant has been snapped up. The company was already listed on the NYSE, with its entry to the Hong Kong exchange a secondary listing made possible by relaxed rules. The secondary listing raised more than $11bn.
