Alibaba has listed on the Hong Kong Stock Exchange in one of the most anticipated stock offerings. Daniel Zhang, Alibaba’s chairman expressed his gratefulness in Alibaba’s return to Hong Kong.
This move led Alibaba’s stocks to jump by 6% in the Hong Kong’s Hang Seng Index.
Alibaba had earlier considered a Hong Kong initial public offering in 2013 but later chose New York after the firm failed to secure regulatory approval from Asian authorities.
Alibaba has risen from an online marketplace into an ecommerce platform that provides a range of services. These services range from financial services to artificial intelligence.
Alibaba listing on the Hong Kong Stock Exchange will enable Asian investors to participate in Alibaba’s growth. In addition, Alibaba seeks to tap substantial new capital pools in Asia.