Sun, September 25, 2022

Stocks on November 26

Alibaba and stocks

On Tuesday, the Shanghai Composite barely moved, and the index remained around 2,907.06.

Meanwhile, the Shenzhen component increased by 0.53% to 9,677.23. The Shenzhen composite added 0.324% and was close to 1,605.64.

In Japan, two major indexes strengthened their positions. The Nikkei 225 index increased by 0.35% and was close to 23,373.32. The Topix index gained 0.16% to and finished its trading day at 1,705.71.

On November 26, in South Korea, the Kospi index declined by 0.1% to 2,121.35.

The trade war between the U.S. and China created numerous problems for the stocks. Right now, the fate of the “phase one” deal remains one of the most debated topics. It is not surprising because the date when U.S. President Donald Trump and China’s President Xi Jinping will sign this deal remains unknown.

Alibaba and Hong Kong Stock Exchange

Stocks on November 26
On Tuesday, the shares of Chinese e-commerce giant Alibaba increased by nearly 7% in its Hong Kong debut. The company raised around $11.3 billion in its secondary listing.

During the first day of trading, shares of Alibaba rose by nearly 7% to 187.60 Hong Kong dollars ($23.97).

Local officials, as well as the Chairman of Alibaba Chairman Daniel Zhang, attended the ceremony.  Hong Kong’s Financial Secretary Paul Chan and former Hong Kong chief executive Tung Chee-Hwa participated in the ceremony.

Daniel Zhang mentioned that Alibaba returned to Hong Kong. Zhang stated that the company is back to its “home.”

Alibaba’s stock code in Hong Kong is 9988. Nine and eight are important as they are lucky numbers according to Chinese culture.

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It is worth mentioning that the company’s main listing venue will remain the New York Stock Exchange.

As a reminder, Alibaba considered a Hong Kong initial public offering (IPO) in 2013. Nevertheless, it had to change its plan as Alibaba was unable to secure regulatory approval from the authorities in Hong Kong.

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