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| Alibaba shares surge in their NY stock market debut | Alibaba shares surge in their NY stock market debut |
| (35 minutes later) | |
| Alibaba's shares opened significantly above their initial price on the New York Stock Exchange (NYSE) on Friday, a sign of the excitement surrounding the Chinese internet giant. | Alibaba's shares opened significantly above their initial price on the New York Stock Exchange (NYSE) on Friday, a sign of the excitement surrounding the Chinese internet giant. |
| Shares in the company made their debut in the US at $92.70 (£57), after being priced at $68 late on Thursday. | Shares in the company made their debut in the US at $92.70 (£57), after being priced at $68 late on Thursday. |
| More than 100 million shares were traded in the minutes after the stock was launched - more than Twitter. | |
| Earlier in the morning, founder and chairman Jack Ma rang the opening bell. | |
| The NYSE was festooned with the orange and white logos of the company to herald its arrival on public markets. | The NYSE was festooned with the orange and white logos of the company to herald its arrival on public markets. |
| The company raised nearly $21.8bn in its share sale, indicating strong investor appetite for China's e-commerce giant. | The company raised nearly $21.8bn in its share sale, indicating strong investor appetite for China's e-commerce giant. |
| In opening at $92.70 per share, Alibaba is now valued at $227bn - making it significantly larger than Amazon and Facebook. | |
| If Alibaba's bankers decide to take up an option in which they can purchase 48 million shares themselves, then Alibaba's launch will have raised nearly $25bn - breaking the previous $22.1bn record set by China's Agricultural Bank in 2010. | If Alibaba's bankers decide to take up an option in which they can purchase 48 million shares themselves, then Alibaba's launch will have raised nearly $25bn - breaking the previous $22.1bn record set by China's Agricultural Bank in 2010. |
| A way in | A way in |
| Alibaba operates a series of online marketplaces in China and elsewhere, handling more transactions than Amazon and eBay combined. | Alibaba operates a series of online marketplaces in China and elsewhere, handling more transactions than Amazon and eBay combined. |
| It is responsible for more than 80% of online e-commerce in China. | It is responsible for more than 80% of online e-commerce in China. |
| Alibaba's share sale is being viewed as a way to invest in e-commerce growth in China. | Alibaba's share sale is being viewed as a way to invest in e-commerce growth in China. |
| Already, the country is home to the largest population of internet users on the planet - and most estimates say that only half of China's 1.3 billion residents have signed online. | Already, the country is home to the largest population of internet users on the planet - and most estimates say that only half of China's 1.3 billion residents have signed online. |
| That is why investors have been angling for some time to get a piece of Alibaba - long the market leader in e-commerce in China. | That is why investors have been angling for some time to get a piece of Alibaba - long the market leader in e-commerce in China. |
| However, investors are not buying shares directly in Alibaba's companies operating in China, but rather in a holding company in Cayman Islands which has a profits contract with Alibaba. | However, investors are not buying shares directly in Alibaba's companies operating in China, but rather in a holding company in Cayman Islands which has a profits contract with Alibaba. |
| That has made some wary, and it is one reason why Alibaba did not list on Hong Kong's stock exchange. | That has made some wary, and it is one reason why Alibaba did not list on Hong Kong's stock exchange. |
| New millionaires | New millionaires |
| Either way, the sale is expected to make millionaires out of a large number of the company's managers, software engineers and other staff. | Either way, the sale is expected to make millionaires out of a large number of the company's managers, software engineers and other staff. |
| Currently Alibaba's single largest shareholder is Japan's Softbank which holds a 32% stake. | Currently Alibaba's single largest shareholder is Japan's Softbank which holds a 32% stake. |
| US search giant Yahoo also has a stake. | US search giant Yahoo also has a stake. |
| The firm made a profit of almost $2bn in the three months to the end of June, with sales up by 46% year-on-year to $2.54bn. | The firm made a profit of almost $2bn in the three months to the end of June, with sales up by 46% year-on-year to $2.54bn. |