"I speak from my heart. I love Hong Kong," said Jack Ma, founder of Alibaba, to the media after his meeting with investors on Sept 15, despite the fact that the Chinese Internet behemoth would join its peers at US exchanges.
Â
Alibaba opened trading at New York exchange on Friday after its 21.8 billion USD initial public offering, with share price jumping 38 percent to 93.89 USD.
Â
The volume of Chinese tech-company IPOs in the US has hit 25.1 billion USD for the year to date, according to Dealogic. In comparison, six Chinese tech-companies have gone public in Hong Kong so far this year, raising a total of 870 million USD.
Â
Concerns rose on Hong Kong's competitiveness as a major IPO hub for Chinese companies, as more and more Internet firms went overseas for listing, say experts, but there are pros and cons.
Â
"The popularity of the US market among those firms is inseparable from its investor base," said Mervyn Chow, head of global capital markets, Asia Pacific of Credit Suisse, in an early interview, adding that for each dedicated verticals under the
Internet sector, there are dedicated institutional investors in the US specializing in those spaces.Trading volume for Internet stocks in the US is significantly higher, he said.Â
.jpg)
"I speak from my heart. I love Hong Kong," said Jack Ma, founder of Alibaba, to the media after his meeting with investors on Sept 15, despite the fact that the Chinese Internet behemoth would join its peers at US exchanges.
