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Alibaba Group Holding Limited raised $11.2 billion in a secondary listing in a city beset by recession and nearly six months of political unrest. Shares in Alibaba jumped more than 6% as it debuted Tuesday morning on the Hong Kong Stock Exchange, and at market close finished with a 6.6% rise for the day.
“I applaud Alibaba for taking the step to list in Hong Kong at a time when a lot of people have lost confidence […] in what’s going on in Hong Kong as a market,” Mary Manning, portfolio manager at Ellerston Capital, told CNBC. Many first-time buyers of Alibaba stock in Hong Kong were institutional investors and fund houses from mainland China, Maggie Wu, Alibaba’s chief financial officer, told the South China Morning Post.
Of course Alibaba (Jack Ma’s creature) had no option about Honk Kong’s listing. On the heels of Jack official retirement, rife speculation remains that Ma was forced out because he had become “too powerful and influential” and posed a challenge to the authority of China’s top leadership. His tech empire remains under the government’s close scrutiny.