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Alibaba shares make strong debut in Hong Kong

Updated : November 26, 2019 07:44 PM IST

Chinese ecommerce giant Alibaba's shares jumped over 6 percent after it made a strong debut in Hong Kong Exchange. The company is raising $11 billion by issuing 500 million new shares. The ecommerce giant priced its shares at HK$176.

It's listing in Hong Kong is the world's largest IPO in 2019 so far. Alibaba listed in New York in September 2014 and raised around $25 billion. The company had initially planned to list on Hong Kong but opted for New York after it failed to secure regulatory approval. Alibaba Group was founded by Jack Ma and 17 others in 1999.
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