Alibaba.com Ltd, China’s largest online trading site, nearly doubled on its first day of trading in Hong Kong and became the second-biggest Internet Company.
Having one of the big names like Cisco Systems Inc as its shareholder, Alibaba.com Ltd rose to HK $33.00 from the offer price of HK $13.50 valuing Hangzhou-a China-based company at $21.5 billion.
Alibaba was established by Jack Ma nine years ago with a sum of $60,000. At present, there the company hopes to triple its profit this year by increasing its expenditure on market goods and services.
IPO price esteemed Alibaba at almost 66 times its expected earnings for the year 2008. Besides, the Web together with its partner companies sold 858.9 million shares at HK $13.50 a piece.
With this fame and success, this B2B portal has created a unique example of the power of internet today!
Having one of the big names like Cisco Systems Inc as its shareholder, Alibaba.com Ltd rose to HK $33.00 from the offer price of HK $13.50 valuing Hangzhou-a China-based company at $21.5 billion.
Alibaba was established by Jack Ma nine years ago with a sum of $60,000. At present, there the company hopes to triple its profit this year by increasing its expenditure on market goods and services.
IPO price esteemed Alibaba at almost 66 times its expected earnings for the year 2008. Besides, the Web together with its partner companies sold 858.9 million shares at HK $13.50 a piece.
With this fame and success, this B2B portal has created a unique example of the power of internet today!
