Bloomberg

Alibaba's strong Hong Kong debut fuels broader ambitions

Daniel Zhang, center, applauds during Alibaba's listing ceremony in Hong Kong on Tuesday. Foto: Bloomberg photo by Paul Yeung

Alibaba Group Holding Ltd. rose 6.6% in its Hong Kong debut, fueling the ambitions of China's largest internet company as well as an Asian city rocked by violent anti-government protests.

Chairman Daniel Zhang, lieutenants wearing Alibaba lapel pins and Hong Kong dignitaries were on hand to strike the opening gong Tuesday at a celebration of the city's biggest stock listing this year. The company presented a Chinese-style painting to the exchange - a souvenir to go with the showy coming-out party. The Chinese e-commerce giant's shares rose to HK$187.60, versus a HK$176 issuance price. They traded under the code 9988 - auspicious numbers in Chinese culture that signify prosperity...

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