Despite months of political turmoil and unrest in Hong Kong, an international centre for finance, Alibaba managed to raise $11.2bn in Hong Kong.
Alibaba, the Chinese e-commerce giant, finished their first day of trading in Hong Kong at $23.95, up 6.5 per cent, according to a New York Times report. It noted that the value of shares is more than a dollar higher than the offering price set by the company last week. It is still slightly lower than Alibaba’s original target of $24.
Data from the stock exchange, as reported in the media, note that Alibaba’s share sale was the largest offering of any kind in Hong Kong since 2010.
Commentators note that Alibaba’s successful listing within the troubled city comes at an opportune moment as Hong Kong showcases its resilience as an international centre for finance during such troubled times. On occasion over the past few weeks, lunchtime protests have flooded Hong Kong’s financial district, with heavily fortified riot police present.
Earlier in the summer, Alibaba issued a statement saying it would postpone its plans to sell shares in Hong Kong as protests turned violent. During the summer months, the Hong Kong stock market has felt the impact of protests, using virtually all of its gains for the year, the New York Times reports.
Despite this, the e-commerce giant still raised more money than had been anticipated when it announced plans to resume the sale of shares in the city.