Alibaba’s Hong Kong shares rise 6.6% from issue price on heavy trading

Alibaba Group’s Hong Kong shares closed their first trading session up 6.6% from the issue price after this year’s largest stock sale.

Shares worth HK$13.99 billion (1.39 billion pounds) were traded, according to Refinitiv data, making it the third biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong’s financial future amid six months of increasingly violent anti-government protests.