Alibaba Shares Triple in Hong Kong Trading Debut |
| Bloomberg - Nov 6, 2007 |
Alibaba.com Ltd., operator of China's largest online trading site for companies, almost tripled on its first day of trading in Hong Kong, making the stock four times more expensive than Google Inc. relative to earnings.
The Chinese company's shares closed at HK$39.50 from their HK$13.50 offer price. That gives Hangzhou-based Alibaba a market value of $25.7 billion, closing in on Yahoo Japan Corp. as Asia's biggest Internet company.
The stock trades at 155 times next year's estimated earnings, underscoring the surge in demand for Chinese shares that made PetroChina Co. the world's first $1 trillion company yesterday. Alibaba, founded nine years ago by a former English teacher with $60,000, predicts profit will almost triple this year on rising online trades in the world's fastest-growing major economy.
Read Full Article from Bloomberg
- Posted: 2007-11-06 09:55:41
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