Almost exactly a year ago, Jack Mawas setting out on an investor roadshow for the world’s largest initial public offering: the New York listing of shares in
Alibaba, which raised $25bn for his Chinese ecommerce group. Within hours, the share price had risen by 38 per cent to $92.70, valuing the business at more than $230bn.
However, on Tuesday, 25 August the biggest IPO story of recent times came full circle. Another day of turmoil on China’s equity markets pushed Alibaba’s shares below their listing price of $68 for the first time and looks set to cause repricings or delays for companies coming to the market this September.
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