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Alibaba Dethrones Tencent as Hong Kong's Biggest Stock in Strong Debut
Xu Wei
DATE:  Nov 26 2019
/ SOURCE:  yicai
Alibaba Dethrones Tencent as Hong Kong's Biggest Stock in Strong Debut Alibaba Dethrones Tencent as Hong Kong's Biggest Stock in Strong Debut

(Yicai Global) Nov. 26 -- Alibaba Group Holding's shares climbed in a much-anticipated debut in Hong Kong today, pushing aside rival Tencent Holdings as the biggest stock on the exchange. The Chinese e-commerce giant's market capitalization was HKD4.01 trillion (USD512.3 billion) at the close.

Alibaba's shares [HKG:9988] closed 6.7 percent higher at HKD187.60 (USD24) each after keeping close to HKD188 for most of the day amid busy trading. Tencent's [HKG:0700] market value was HKD3.21 trillion.

Hangzhou-based Alibaba priced its Hong Kong shares at HKD176 apiece. That equals a bit more than 10 percent of the price of its New York-listed stock [NYSE:BABA], which closed 2 percent higher yesterday at USD190.45.

Editor: Emmi Laine

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Keywords:   Alibaba Group Holding