Alibaba Group's Hong Kong shares make a solid debut, trading about 7% higher than their issue price. More here:
) Hong Kong shares closed their first trading session up 6.6% from the issue price after this year’s largest stock sale.
The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong’s financial future amid six months of increasingly violent anti-government protests. The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange’s third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.
The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said.
Alibaba had hoped to initially list in Hong Kong, but eventually chose New York for its record-breaking $25 billion initial public offering in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.
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