Chinese technology giant Alibaba broke the record for the\nlargest public offering in 2019 on Tuesday in Hong Kong.<\/p>\n\n\n\n
Alibaba Group Holdings Limited broke the Uber record set in\nMay at $8.10 billion, with a $11.2 billion IPO in the recession-hit city of\nHong Kong and nearly six months of political turmoil. Alibaba’s overall\nincrease in IPOs could be about $13 billion higher, if its IPO banks were\nexercising options to buy more shares.<\/p>\n\n\n\n
Alibaba shares jumped more than 6% for the first time\nTuesday morning on the Hong Kong Stock Exchange. Charles Li Xiaojia, chief\nexecutive of the Hong Kong Stock Exchange before trading, listing Alibaba as\n“a family member finally coming home.”<\/p>\n\n\n\n
Hong Kong was the first choice of Alibaba founder Jack Ma\nfor his list in 2014 before the company moved to New York after a dispute with\nHKEx over the selection of board members. Alibaba has since reiterated its\ndesire to go to Hong Kong. “As a result of the continuous innovation and\nchanges to the Hong Kong capital market, we are able to realize what we\nregrettably missed out on five years ago,” Alibaba CEO Daniel Zhang said\nin a statement on Tuesday.<\/p>\n\n\n\n
Alibaba’s IPO came amid economic and political turmoil in\nHong Kong. Hong Kong’s stock market rose on Monday after a relatively weak\nweekend, but the Hang Seng Index ended 0.3 percent lower on Tuesday, when\nlunchtime demonstrations broke out in shopping malls, on the streets in Hong\nKong and at the port in Kowloon Bay. About 200 protesters appeared.<\/p>\n\n\n\n
” I applaud Alibaba for taking the step to list in Hong\nKong at a time when a lot of people have lost confidence [\u2026] in what\u2019s going on\nin Hong Kong as a market,\u201d said Mary Manning, portfolio manager at Ellerston Capital.<\/p>\n\n\n\n
\u201cWe continue to see HKEx as a primary listing venue for\nmainland corporates to raise capital offshore and a gateway for access to the\nmainland capital markets,\u201d said Michael Wu, senior equity analyst at Morningstar\nInvestment.<\/p>\n\n\n\n
Alibaba said in a statement that it plans to use the IPO\nfunds to expand beyond e-commerce and go to other consumer-focused services\nsuch as travel booking and live video, as well as business-focused services\nsuch as supply chain, logistics and ecosystems. To pay for merchants worldwide.<\/p>\n\n\n\n
The company is also stepping up its investments in cloud\ncomputing and machine learning, part of a larger project to develop Alibaba’s\n\u201cdigital economy\u201d that says it has reached 70% of the Chinese population thanks\nto 730 million active annual consumers of e-commerce sales.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese technology giant Alibaba broke the record for the largest public offering in 2019 on Tuesday in Hong Kong. Alibaba Group Holdings Limited broke the Uber record set in May at $8.10 billion, with a […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[63],"tags":[74,66,79,50,77,105,36,34,114,127,10,58,57,70,47,86,31,18,80,119,23,46,109,121,81,85,106,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1489"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1489"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1489\/revisions"}],"predecessor-version":[{"id":1491,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1489\/revisions\/1491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1490"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}