Alibaba share price triples on debut
7 November 2007
Alibaba.com's shares nearly tripled on its trading debut, the Wall Street Journal reported. The e-commerce company closed at HK$39.50 (US$5.09) yesterday, well above its IPO price of HK$13.50. Shares reached a high of HK$39.95 in trading during the day and opened at HK$30. The Hang Seng Index rose 1.7% to finish at 29,438.13 points. The current share price is 320 times Alibaba.com's forecast earnings for this year, high compared to other Chinese tech counters like NASDAQ-listed Baidu, which has a P/E ratio of 177. Alibaba.com said it would use funds from the listing to expand abroad.
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