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Stocks

Weibo US listing boosts hopes for Alibaba

HONG KONG -- Weibo, a Chinese company that provides a Twitter-like microblogging service, debuted Thursday on the Nasdaq stock market. The company's stock ended the day 19% above the initial offering price of $17 per American depositary receipt, providing a kick-start on the first day of its U.S. trade. The market's appraisal of the firm lifted hopes for the upcoming IPO of China's e-commerce titan, Alibaba Group Holding.

     The stock opened more than 4% below the IPO price, but later rose nearly 20% to close at $20.24, it had briefly rallied to $24.48. Weibo raised $280 million from the 16.8 million shares put up for the IPO.

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