Rolling coverage of the latest economic and financial news, as e-commerce giant Alibaba ‘comes home’ to Hong Kong
- Introduction: Alibaba floated in Hong Kong today
- Shares leap 6.5% in vote of confidence
While Alibaba romps away, UK bank note maker De La Rue is having a torrid morning.
Shares in De La Rue have plunged by 20% this morning, after it reported an 87% plunge in operating profits for the last six months.
The business has experienced an unprecedented period of change with the Chairman, CEO, senior independent director and most of the executive team leaving or resigning in the period. This has led to inconsistency in both quality and speed of execution.
The new Board is working to stabilise the management team, which we believe will take some time.
After a strong session, Alibaba’s shares have closed at HK$187.6, sharply higher than their HK$176 float price today.
That’s a 6.5% gain on the day.
Alibaba’s listing in Hong Kong was a success on the opening day of trading, with shares rising more than 6%. The largest listing of the year comes at a worrying time for Hong Kong but everything appears to have gone very smoothly.
This was an opportunity to show that, despite the protests that have brought Hong Kong to a standstill and wreaked havoc on the economy, it’s business as usual for the stock exchange.