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Alibaba.com shares begin listing up 124 pct

Saturday, September 13, 2008

Shares in Chinese online marketplace Alibaba.com opened to huge demand in Hong Kong on Tuesday, rising 124 percent from the initial public offering price in early trading, dealers said.

Stock in the company, which links Chinese manufacturers with buyers across the world, soared from the offer price of 13.5 Hong Kong dollars (1.74 US) to 30.20 dollars, they said.

The sparkling opening comes after demand from institutional and individual investors surpassed allocation 150-fold, underlining the virtually insatiable demand for Chinese equities in the midst of China's economic boom.

The firm raised 1.5 billion US dollars with its IPO, in the process becoming the biggest Internet offering since Google in 2004.

Investors have been attracted by the company's potential to tap both the mainland's thriving manufacturing and Internet sectors.

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