Alibaba shares make their Hong Kong debut
Alibaba made a strong debut on Hong Kong's stock exchange Tuesday (November 26).
Its shares jumped nearly 7% higher than their issue price, in the world's largest stock sale this year.
Shares were trading at a 1% premium to its New York pricing - at around 188 Hong Kong dollars, or 24 USD.
So far, the Chinese giant raised at least 11.3 billion dollars from the secondary listing - after postponing its debut earlier in the year.
The listing has been a long time coming.
Alibaba chose New York for its initial public offering in 2014, after failing to win over regulators in Hong Kong.
CEO Daniel Zhang described it as a homecoming:
(SOUNDBITE) (Mandarin) ALIBABA GROUP CHIEF EXECUTIVE CHAIRMAN AND CEO, DANIEL ZHANG, SAYING:
"This year marks the 20th year of Alibaba Group. At the 20th birthday, we come to an important milestone which is coming back home, coming back to Hong Kong."
It's a much-needed boost for the embattled financial hub, that's faced months tear gas around its glistening skyscrapers.
Alibaba said it will use the funds to boost investment in areas such as online deliveries and online travel group Fliggy.
