Jack Ma Hands Out Windfall to Keep Make-Them-Money Pledge Two hours before Alibaba Group Holding Ltd. (BABA) began its trading debut, a beaming Jack Ma stressed the importance in a television interview of keeping investors happy by helping them make money. Mission accomplished on day one. Shares of the Chinese e-commerce company soared 47 percent within the first 10 minutes of trading on Sept. 19 and closed the day up 38 percent following its record-breaking $21.8 billion initial public offering. Among the 30 IPOs in the U.S. this year that raised $250 million or more, only one, Mobileye NV, gained more than Alibaba in its debut, according to data compiled by Bloomberg. “The stock’s price jump in trading is definitely a good reward to investors who had the chance to buy,” said Tan Chiheng, a Boston-based analyst at Granite Point Capital Inc., which purchased some of the shares. “Its IPO was reasonably priced, which helped drive the strong trading and price gains.” Ma, Alibaba’s chairman who started the company in his Hangzhou apartment, drew crowds of money managers to meetings held around the world as the company pitched itself to investors this month. “I don’t want to disappoint shareholders,” he said in an interview with CNBC before the stock [...] ilinnews/jack-ma-hands-out-windfall-to-keep-make-them-money-pledge-2/
Posted on: Mon, 22 Sep 2014 02:45:51 +0000
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