China’s Alibaba Finds Riches on Wall Street

TIME

In one of the many tales of Arabian Nights, a poor woodcutter named Ali Baba discovers untold treasure in a thieves’ den. On Friday, Jack Ma and his similarly named company did the same thing on the New York Stock Exchange.

Alibaba, the Chinese Internet giant best known for its massive online marketplaces, saw its shares jump 38% in its first day of trading as a public company in the United States. The company raised $21.8 billion when it priced its IPO shares at $68 Thursday night, making it the largest public offering ever globally. But investor demand for a piece of the Chinese firm far outstripped expectations, pushing shares to rise to $92.70 when they finally began trading around noon Friday. Following a brief spike above $99 right when they hit the trading floor, shares mostly floated near the opening price during the day. Alibaba closed at $93.89…

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