26.11.2019, 13:03
Alibaba shares go up 6.6% after completing largest IPO of the Year
Source: OREANDA-NEWS
OREANDA-NEWS. The value of Alibaba's Chinese retailer shares rose almost 6.6% on the first day of trading on the Hong Kong Stock Exchange (HKEX). According to the exchange, by the end of trading on November 26, the price of Alibaba securities was 187.6 Hong Kong dollars (HK $, $ 24.39) apiece, and at an initial public offering (IPO) they were sold at HK $ 176.
The retailer’s shares are traded under the ticker symbol 9988. In the Chinese tradition, the numbers 8 and 9 are considered lucky, with the double eight symbolizing wealth, and the double nine symbolizing longevity. Following the results of the first day of trading, Alibaba securities became the most traded on HKEX, the total volume amounted to HK $ 13.996 billion.
The South China Morning Post notes that Alibaba stocks showed the fifth highest price increase in the first day of trading, losing to previous IPOs in Hong Kong in previous years. During the IPO, the company placed 575 million shares, which allowed it to raise HK $ 101.2 billion, or $ 12.93 billion.
The retailer’s shares are traded under the ticker symbol 9988. In the Chinese tradition, the numbers 8 and 9 are considered lucky, with the double eight symbolizing wealth, and the double nine symbolizing longevity. Following the results of the first day of trading, Alibaba securities became the most traded on HKEX, the total volume amounted to HK $ 13.996 billion.
The South China Morning Post notes that Alibaba stocks showed the fifth highest price increase in the first day of trading, losing to previous IPOs in Hong Kong in previous years. During the IPO, the company placed 575 million shares, which allowed it to raise HK $ 101.2 billion, or $ 12.93 billion.
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