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China tech

Why is Alibaba listing in Hong Kong if it doesn't need money?

With Singles Day tally exceeding $38bn, company looks to tap Chinese retail investors

Alibaba generated 268.4 billion yuan ($38.4 billion) in gross merchandise volume in just 24 hours for its Nov. 11 Singles' Day global shopping festival.   © Reuters

Does Alibaba Group Holding really need another $10 billion or so?

China's biggest e-commerce company is already Asia's most valuable listed company, with a market capitalization of $486 billion based on the price of its New York Stock Exchange-traded shares. As of Sept. 30, it had $33 billion in cash and equivalents on hand and only $21 billion in debt. 

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