Friday , 19 April 2019
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China’s Alibaba is now trading on the NYSE

China’s Alibaba is now trading on the NYSE

China’s Alibaba is now trading on the NYSE

China’s Alibaba is now trading on the NYSE

Above: Alibaba CEO Jack Ma.

Chinese Internet giant Alibaba opened on the New York Stock Exchange at $92.70 a share.

This marks the biggest initial public offering in U.S. history.

The IPO was set at $68 a share last night and was supposed to give the online marketplace operator a value of $168 billion. It’s valuation is now estimated to be $233 billion, according to Bloomberg.

Alibaba spans e-commerce, cloud services, microblogging, ride sharing, maps and location services, mobile messaging services, and more. It’s often compared to Amazon, because it’s most known for its shopping sites TaoBao and T-mall, though it is clearly more sprawling.

Increasingly, Alibaba has been looking to expand to the U.S. “We are coming here not to compete. We’re coming here to help a lot of small business,” said Alibaba executive chairman Jack Ma in an interview with Bloomberg News. Today’s IPO marks the company’s biggest push into the U.S. market.

Alibaba.com is a B2B e-commerce company. Alibaba’s primary business is to serve as a directory of Chinese manufacturers connecting them to other companies around the world looking for suppliers. According to iResearch, it was the lar… read more »

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