Alibaba stock increases 38% in first day of US trading

Global Business

After months of hype and frenzy, the Alibaba debut on the New York Stock Exchange saw the e-commerce giant’s stock value increase 38 percent in one day to close at $92.70 per share.

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Alibaba’s IPO was the largest in U.S. history. The company raised $21.8 billion in its public listing, making the internet retailer one of the most valuable tech companies in the world with a market capitalization of around $168 billion.

“Actually, Ali has 102 years to go. Today is just the first milestone or the first phase that we get. There is still a long journey for us to go,” said company founder Jack Ma on the trading floor.

“The money [raised] will totally be spent on small enterprises and customers. We are not only getting into counties and villages, and helping customers in China, but also we are hoping to help people around the world, such as those living in Argentina, Brazil, Malaysia and Indonesia,” Ma continued. “In fact, there are many medium and small companies needing more help and opportunities.”

Alibaba’s business decisions and its impressive trading debut could serve as a role model for other Chinese companies in search of similar success, experts said.

CCTV America’s Michelle Makori spoke to Denmark West, an advisor with K1 Capital, who analyzed the Alibaba IPO,