Active Stocks: Alibaba Group Holding Limited (NYSE: BABA) is one of the big cap stocks making headlines today. The company has made a strong debut in the Hong Kong market, rising by over 7% above the issue price. This listing makes it the biggest stock sales this year. From this listing, the company has managed to raise $11.3 billion, a huge feat after it postponed this listing in 2018. Investors will be watching to see how it’s trading will play out in the U.S when the market opens.
Besides the listing, the company has been on a positive trajectory recently, driven by growth in earnings. On the 1st of November, the company released its quarterly earnings, and they were impressive. The company stated that its customer base was growing and that it expects to hit one billion customers, consuming at least 10 trillion of its products by the year 2024.
The company’s strong growth was driven by continued investment in intelligent cloud services that have seen Alibaba enjoy revenue growth of 40%. Alibaba also noted that growth in mobile user numbers hit $785 million, an increase of 30 million compared to the quarter that ended in June 2019.
These positive growth numbers coupled with the Hong Kong listing have seen its value grow in recent weeks. In yesterday’s session, the company closed with a gap up, an indicator of a continuation of the bullish trend as seen below. Volumes were high too, and in the day, 19.19 million shares of Alibaba were traded.
About Alibaba Group Holding Limited
Alibaba Group Holding Limited is a Chinese e-commerce company. The company operates in four segments namely: Cloud computing, Core Commerce, Innovation Initiatives, and Digital media and entertainment. It is headquartered in Hangzhou, China.