Alibaba jumps 5% in Stock Connect debut aimed at tapping China billions

E-tailer's shares outperform peers; some analysts question long-term impact

Alibaba converted its secondary listing in Hong Kong into a primary one to "tap into the southbound capital flows" from mainland China. © Reuters

CISSY ZHOU, Nikkei staff writer

September 10, 2024 09:44 JST

Updated on September 10, 2024 18:11 JST

HONG KONG -- Chinese e-commerce conglomerate Alibaba Group on Tuesday made its debut on Stock Connect, the program that links Hong Kong's bourse with the Shanghai and Shenzhen exchanges, opening a door for billions of dollars in potential investment from the mainland.

Following the inclusion, Alibaba's shares jumped over 5% during Hong Kong trading and closed the day up 4.21%. This made Alibaba the third best performer in the Hang Seng Tech Index after automakers Nio and Li Auto. The stock easily surpassed a 0.41% gain in the overall tech index, which represents the 30 largest technology companies listed in the city.