Alibaba's stock popped 7% during the Chinese e-commerce company's debut in Hong Kong
Shares were last trading at 188 Hong Kong dollars , higher than the 176 Hong Kong dollars they were priced at. The company's secondary listing could raise as much as $12.9 billion, making it the largest public offering so far this year.Alibaba's homecoming is about pleasing China and buying trade war insuranceAlibaba trades under the stock code 9988 in Hong Kong. Nine and eight are considered to be lucky numbers in the Chinese culture, indicating long-lasting prosperity.
"Five years ago, we said, if conditions permit, we will for sure return," said Daniel Zhang, chairman and chief executive officer of Alibaba Group, at Tuesday's listing ceremony. While Hong Kong was Alibaba's initial choice when it first wanted to tap the public market, the company chose New York because of a disagreement over alibaba's shareholding structure.
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