07 November 2007 | Paul Snell
Shares in alibaba.com, the online marketplace for Chinese suppliers, have soared on the first day of trading.
Shares in the group on the Hong Kong Stock Exchange closed at HK$39.50 (£2.42) a share yesterday. It is a rise of more than 192 per cent on the firm's offer price of HK$13.50 (£0.82).
The firm has raised HK$13.1 billion (£803 million) by taking the company public, and it is the second largest initial public offering for an internet company worldwide.
"Our Hong Kong listing is an important milestone for our company," said the firm's CEO David Wei. "We will use the resources and the brand exposure gathered from the listing to expand our members and add more value to their business."
Alibaba.com was launched in 1999 to connect small and medium sized Chinese suppliers to buyers worldwide.