Alibaba more than doubled on its first day of trading in Hong Kong today. After the trading day ended, Alibaba took its place as Asia's second largest Internet company behind Yahoo! Japan. All in, Alibaba is now valued at over $23 billion.
With shareholders including Cisco Systems (NASDAQ: CSCO) and Yahoo Inc. (NASDAQ: YHOO), Alibaba joins other high-flying Asian IPOs in 2007. I wrote briefly yesterday about the PetroChina (NYSE: PTR) IPO, which after it saw its value triple, is now the world's first trillion dollar company.
Part of what makes the Alibaba IPO so interesting is the firm's growth prospects. China's largest Web trading site for companies predicts profit will almost triple this year on increased spending in the world's fastest growing major economy.
With shareholders including Cisco Systems (NASDAQ: CSCO) and Yahoo Inc. (NASDAQ: YHOO), Alibaba joins other high-flying Asian IPOs in 2007. I wrote briefly yesterday about the PetroChina (NYSE: PTR) IPO, which after it saw its value triple, is now the world's first trillion dollar company.
Part of what makes the Alibaba IPO so interesting is the firm's growth prospects. China's largest Web trading site for companies predicts profit will almost triple this year on increased spending in the world's fastest growing major economy.
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