Hooray! Approximately $ 11.2 billion was raised by the Chinese Alibaba Group Holding Ltd. during the public offering. The listing took place on the Hong Kong Stock Exchange, for which this IPO has become the largest in the past nine years.
November 26 is the day, when they start trading securities of the Chinese company. The huge proceeds from the listing will be invested in the development of two online services: food delivery Ele.me and one for tourists called Fliggy. Alibaba also plans to develop the popular in China Youku video platform. Plans for the development of cloud technologies and artificial intelligence were also announced.
Five years ago, Alibaba made its name famous, managing to raise $ 25 billion during the IPO in New York. At the moment, the record has not yet been broken.
Alibaba has huge potential; the company controls 80% of all online transactions in China. Great news positively affected the quotes of the Chinese giant.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group