Hong Kong-listed shares of Chinese tech giant Alibaba saw yet another stellar trading day following a blockbuster Tuesday listing in the city.
Alibaba stock in Hong Kong rose 2.99% on Wednesday, adding to its first day gains of 6.6% on Tuesday. That puts the current stock price around 9.6% above the initial listing price of 176 Hong Kong dollars (approx. $22.48) per share.
“Investors are jumping all over it in Hong Kong,” James Gerrish, portfolio manager at Shaw and Partners, told World News Network’s “Capital Connection” on Wednesday.
“I’m watching with interest, the 10% rally in the last couple of days since that listing … in Hong Kong,” Gerrish said, adding that the firm owns Alibaba stock across its international portfolios.
“I think it’s a natural progression for that company to list over in Hong Kong,” he said.
Alibaba’s secondary listing in Hong Kong became the world’s largest offering so far in 2019 — larger than the roughly $8 billion raised by Uber in May. Still, it is expected to be beaten to the title by Saudi Aramco’s anticipated listing in Riyadh in December.
The offering also came at a time when business sentiment in Hong Kong has taken a hit amid ongoing pro-democracy protests that have rocked the city for months and periodically degenerated into violence.
Gerrish said that the firm has “got such a strong runway for growth” in the coming years.
“It’s all about what the business delivers from here,” he said.
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