HONG KONG -- Shares of two New York-listed companies backed by Alibaba Group Holding rose on their debuts in Hong Kong on Tuesday, building momentum for the initial public offering of Ant Group as it prepares to face a stock exchange review.
ZTO Express, a courier company in which Alibaba held a pre-offering stake of 8.7%, rose as much as 12.5% from their offering price of HK$218. Baozun, which assists companies with e-commerce sales, went up as much as 3.7% from HK$82.90.
