(Yicai Global) Dec. 5 -- Alibaba Group Holding's newly listed Hong Kong shares climbed after Goldman Sachs rated them 'buy' with a price target of HKD252 (USD32.20) over the next year. That's almost 28 percent higher than today's closing price.
The stock [HKG:9988] rose almost 2.7 percent to HKD197.60 in trading today. Since debuting on the Hong Kong Stock Exchange on Nov. 26, the shares have advanced 12 percent from their listing price of HKD176.
In its first report on Alibaba's new equity, New York-based Goldman Sachs added the shares to its conviction buy list, citing the Hangzhou-based e-commerce giant's experienced leadership as one of the key reasons for its rating.
Alibaba's US-listed stock [NYSE:BABA] climbed 3.2 percent to USD200 apiece yesterday. These represent eight Hong Kong-listed shares, according to a share split.
Editor: Emmi Laine