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China tech

Alibaba's Hong Kong shares soar over 7% in year's largest listing

Over $11bn share sale delivers rare boost for protest-wracked city

Alibaba Chairman and CEO Daniel Zhang, center, and company executives attend the listing ceremony in Hong Kong on Nov. 26. (Photo by Rie Ishii)

HONG KONG -- Alibaba Group Holding's newly listed Hong Kong shares jumped over 7% in early trading on Tuesday, marking a strong Asian debut for the Chinese e-commerce giant and raising upwards of 87.5 billion Hong Kong dollars ($11.1 billion) in the world's biggest stock placement so far this year.

The listing, which comes despite six months of increasingly violent anti-government protests, will give a boost of confidence to the city and also please Beijing, which wants to reassure investors about the financial hub's prospects.

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