Alibaba: Open sesame
The listing of the internet behemoth speaks volumes about where China sees its future.
Alibaba Group Holding Ltd’s anticipated stock market listing was one of the most anticipated of the year – and surged in its first day of trading as investors jumped at the chance to get in on what looked like to be the largest IPO in history and profit from China’s growing middle class.
Raising almost $22bn – it is now one of four Asian internet giants to dominate the top 10. This gives Alibaba a market valuation of $167.6 billion, surpassing American corporate icons from Walt Disney Co to Boeing Co.
The offering also vaults it atop US e-commerce rivals like Amazon and eBay and gives it more financial firepower to expand in the United States and other markets.
But what about the man behind the company? The one seen as Beijing’s guy, and the one who has attempted to still maintain control of the company post-float? Adrian Brown filed this report.