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Alibaba shares rose almost 7% in Hong Kong

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Alibaba shares rose almost 7% in Hong Kong
November 26
13:00 2019

After an Internet retailer Alibaba placed its shares on the Hong Kong stock exchange, their value rose almost 7%.

The offering was carried out at a price of 176 Hong Kong dollars. On Tuesday, the price rose to 187. During the day, the quotes were growing to 190. The session closed at $ 187.8.

Alibaba’s public offering has become one of the largest this year. It is also the largest one in Hong Kong over 9 years. Thanks to the IPO, it was possible to attract more than 11 billion US dollars.

The funds obtained from the IPO will be used to develop the food delivery service Ele.me. In addition, Alibaba has got a travel service Fliggy, in which significant amounts will also be invested. The company intends to invest in the Chinese video platform Youku. Another area of investment is cloud services and machine learning.

In 2014, Alibaba placed its securities on the New York Stock Exchange. Then they managed to attract 25 billion US dollars. It was the largest initial offering in the history of financial markets. At New York trading on Monday, the company’s depositary receipts rose 2% to $ 191. One receipt is equivalent to 8 ordinary shares. Since the beginning of the year, the increase in the cost of ADR has amounted to almost 40%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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