Alibaba shares soar in landmark Hong Kong trading debut

By the end of its first day, the e-commerce giant’s shares were up more than 6%

Shares of Chinese e-commerce giant Alibaba soared during its Hong Kong trading debut last week.

The company’s shares reached US$11bn, making it the world’s largest listing so far this year, beating Uber’s $8bn record in May.

By the end of its first day of trading shares had surged 6.6%.

Alibaba’s Tmall website has been a key market place for beauty brands to access the Asian market.

This year, it signed deals with Fenty Beauty and Chanel, and teamed up with Net-a-Porter to bring luxury cosmetics to China.

Speaking at the listing ceremony, the group’s Chairman and CEO, Daniel Zhang, said the moment was an “important milestone” for the firm.

“My gratitude goes to all the Alibaba customers who have supported us over the past 20 years, standing by us through our trial and error, as well as innovation for the future.”

He added: “We are also grateful for being a part of this era, which is driven by digital innovation.

“Through the development of the internet and digital economy, we have been granted the opportunity to fulfill our founding mission ‘to make it easy to do business anywhere’.”

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