Zhang (centre) speaks during the company's listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Nov 26, 2019. Alibaba raised about $11 billion in a long-awaited Hong Kong stock sale, braving the worsening political unrest gripping the city and potentially gaining favour in Beijing. — Bloomberg
Alibaba Group Holding Ltd rose 6.6% in its Hong Kong debut, fueling the ambitions of China’s largest Internet company as well as an Asian city rocked by violent anti-government protests.
Chairman Daniel Zhang, lieutenants wearing Alibaba lapel pins and Hong Kong dignitaries were on hand to strike the opening gong Nov 26 at a celebration of the city’s biggest stock listing this year. The company presented a Chinese-style painting to the exchange – a souvenir to go with the showy coming-out party. The Chinese e-commerce giant’s shares rose to HK$187.60 (RM100.26), versus a HK$176 (RM94.07) issuance price. They traded under the code 9988 – auspicious numbers in Chinese culture that signify prosperity.
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