The Chinese Internet giant, ALIBABA has listed in Hong Kong, the former British Colony for $13.4billion, which is about £10billion. This will make it the world biggest share sales in world in 2019. The firm, which is already listed in the United States of America, will start trading its shares in Hong Kong later this month.
This sale will upset Uber’s $8.1billion shares sales as the biggest IPO sales for the year 2019.
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The Chief Executive of ALIBABA, Daniel Zhang, who took over the leadership of the Internet giant from Jack Ma, asserts that despite the political unrest in Hong Kong, the city has a “bright future” and he described Hong Kong as “one of the world’s most important financial centres.” Indeed, the listing by ALIBABA will provide Hong Kong with a much-needed boost.
ALIBABA has grown from an online marketplace into an e-commerce giant with commercial interest ranging from financial services to artificial intelligence, among others.
