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Alibaba surges past US$90 in debut trading

Published Fri, Sep 19, 2014 · 04:00 PM
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ALIBABA Group Holding's shares rose as much as 46 per cent on their first day of trading on Friday, lifting the Chinese online retailer's value to US$244 billion. The company's initial public offering, on track to be the biggest ever if underwriters exercise their option to sell more shares, will help fund Alibaba's expansion in the United States and elsewhere.

The sale raised more than US$8.2 billion for the company after fees for underwriters, and about US$13 billion for major shareholders.

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