Investing.com - Chinese e-commerce giant Alibaba Group Holding Ltd (HK:9988)’s shares in Hong Kong rose again on Thursday in Asia and has jumped more than 10% so far since its debut.
The stock currently trades at HK$199.30 by 11:51 PM ET (03:51 GMT), up 3.2% since yesterday’s close. It surged 6.6% on Tuesday and 2.9% on Wednesday.
Alibaba’s secondary listing in Hong Kong became the world’s largest offering so far this year. However, it is expected to be beaten to the title by Saudi Aramco’s anticipated listing in December.
It is a homecoming of sorts for the company, as it launched its IPO five years in New York and dealt a blow to Hong Kong’s ambitions.
James Gerrish, portfolio manager at Shaw and Partners, said in an interview with CNBC that traders are “jumping all over it in Hong Kong.”
“I think it’s a natural progression for that company to list over in Hong Kong,” he said, noting that the firm has a “strong runway for growth” in the next few years.