Hong Kong (CNN Business)Alibaba’s newly listed Hong Kong shares got off to a rough start Friday, but the stock is still on pace for double-digit gains this week.
Shares of the Chinese e-commerce company are now trading at 199.80 Hong Kong dollars ($25.52) each. That’s slightly lower than Thursday’s close, but still nearly 14% higher than what the shares were priced at when Alibaba first started trading in Hong Kong on Tuesday.
The public offering has been a big boost of confidence for the Asian financial hub, which has been rattled by months of protests. Alibaba’s secondary listing could raise as much as $12.9 billion.
