In their first day of trading, shares of Alibaba stock opened at US$92.70 on the New York Stock Exchange on Friday, an increase of more than 35 percent over the $68 initial public offering price.
Alibaba, an e-commerce giant in China, wants to make new friends in the U.S. Especially friends with money.
Alibaba is looking to raise as much as $US21 billion in its U.S. IPO, according to documents filed Friday, making the Chinese e-commerce company's debut one of the largest initial public offerings in U.S. history.
Alibaba Group is investing about US$692 million in retail company Intime Retail with the aim of setting up a joint venture that aims to provide linkages between their online and physical retail businesses in China.
Positive earnings news from the likes of Facebook, Google and Apple helped boost tech shares in what was otherwise a gloomy week for the markets.
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First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.