Alibaba shares soar more than 6 percent

Shares in Chinese online retail giant Alibaba surged more than six percent on their Hong Kong debut Tuesday, after raising at least $11 billion in the city´s biggest IPO in nearly a decade.

Alibaba, which already is listed in the United States, had set the price for each share at HK$176, but the stock jumped 6.25 percent to HK$187 as it began trading on the Hong Kong exchange.

The company called the listing a vote of confidence in the city which has been wracked by months of sometimes violent protests and the China-US trade war, which have sent the local economy into recession.

Asia´s most valuable company has said previously it could raise almost $13 billion via the initial public offering, which was originally planned for the summer but was pushed back due to the headwinds hitting the city.

Alibaba´s list price came in below an HK$188 indicative ceiling originally announced.

With 500 million shares offered to investors, the company has said it would raise HK$88 billion ($11 billion). Eight is considered an auspicious number in China.

If it chooses to use its over-allotment option to sell a further 75 million shares, Alibaba could bring in HK$101.2 billion ($12.9 billion).