The massive tech conglomerate is looking to hit the Hong Kong market. According to the company’s CEO Jack Ma, Alibaba is looking to penetrate the Hong Kong market and are seriously considering it and are looking to expand its Asian empire.
According to more details, the company is looking to take this as an opportunity to grow and extend their financial hub business and is potentially going to prepare them for their goal to allow dual-class share listings. One of the main drivers they had was the remarks from the Hong Kong Chief Executive Carrie Lam on how they looked forward to having Alibaba on their list.
On a recent note made by Jack Ma, "We will definitely seriously consider the Hong Kong market," and "Daring to speak like this marks a strong commitment so we will definitely seriously consider the Hong Kong market,”
Alibaba is currently worth over $3 billion as of the trading session last Monday based on information from NASDAQ data. Moreover, the stock managed to close at $90.33 with a massive 16.23 million shares traded on the same session.
Hong Kong Dual-Class Listing
Furthermore, the company is looking to extend their financial prowess which is estimated and tallied to be at $25 billion in public float in New York which is around 2014 after Hong Kong. The dual-class listing is looking to be started in Hong Kong over several rule changes that are proposed in the city’s current stock exchange.
The dual-class listing is also expected to take the New York stock exchange; Hong Kong looks to raise its stakes not only for the New York stock exchange but also from its fierce Asian competitor which is the Chinese initial public offerings.
Alibaba Stock Performance
Alibaba has been one of the companies that have been making one of the biggest splashes in the stock market; they currently hold the biggest record for the largest initial public offering way back in 2014 with an opening $68 per share. Most analysts have been also pointing out on how the company has been a great buy this year.
The company has also been always present on analysts’ top stocks to buy this year; besides the dominating performance and the massive international traction they are getting, the company’s recent endeavor to branch out their highly successful e-commerce business and consider the financial market through its Ant Financial.
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