The multinational holding company was listed yesterday on the Hong Kong Stock Exchange, and the event caused significant interest among local investors.
To some, the occasion was seen as a symbolic return of Alibaba to its roots, since its initial public offering was on the New York Stock exchange.
It is for that reason the selected ticker of the company is 9988. In Chinese culture, the numbers nine and eight are considered to be lucky and signify long-lasting prosperity.
There seems to be some credence to this, as the company’s stock surged by almost 7 per cent on its debut on the Hong Kong Stock Exchange.
Alibaba finished yesterday’s trading session by closing at 193.2 Hong Kong dollars, which is equal to 24.68 USD.
Overall, the conglomerate’s first day on the Hong Kong Stock Exchange resulted in $12.9 billion in raised revenue for the company.
Alibaba’s SPO was executed amidst continually escalating tensions and rising fears over the likely worsening of the economic conditions in the city (you can read more about the issue here ).
Some have speculated that Alibaba's public listing in Hong Kong, as one of the major Chinese powerhouses, benefits China politically in that Beijing can now exert more commercial control over the city.
Alibaba HK 5min Price Chart. Image source: Trendsharks ©, created with TradingView.com
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