Now Reading:

Chinese e-commerce firm Alibaba's stunning NY market debut

world news

Chinese e-commerce firm Alibaba's stunning NY market debut


Shares in Chinese e-commerce company Alibaba Group Holding Limited soared 38 percent during their first day of trading on the New York Stock Exchange (NYSE) on Friday (19 September).

“This is the most anticipated event I’ve ever seen in my 20-year career on the floor of the NYSE,” said Mark Otto, a partner at J. Streicher and Co.

“It’s a way for traders to tap into the Chinese growth story,” Otto continued.

The pricing of the IPO on Thursday initially raised 21.8 billion dollars.

The underwriters also plan to exercise their option for an additional 48 million shares, the NYSE told CNBC. That would bring the IPO’s size to about 25 billion dollars (approximately 19.5 billion euros), making it the largest in history

Alibaba, which was started by founder Jack Ma in his apartment in 1999, accounts for 80 percent of online sales in China.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article