Alibaba valuation surpasses Facebook on first trade

http://socialnetworkingnews.org/alibaba-valuation-surpasses-facebook-on-first-trade/

Alibaba Group Holding surpassed Facebook by market capitalization on its first trade as a public company for a valuation above $200 billion.

Alibaba reached $228.5 billion in market value after surging 36 percent above its initial public offering price to $92.70 per share. The Chinese e-commerce company now trails only Google Inc., Apple Inc. and Microsoft Corp. in size among U.S.- traded technology companies. Facebook, the world’s largest social network, passed $200 billion in market value earlier this month and is worth about $199.8 billion today.

Alibaba’s public-market debut contrasts with Facebook’s May 2012 sale. Facebook, which was valued at $104 billion at its IPO, lost half that in the following months, and the stock took more than a year to close above its IPO price. While Alibaba has risks related to corporate governance and the Chinese government’s unpredictability, that hasn’t stopped investors, said Jeff Sica, chief investment officer at Sica Wealth Management.

Source: www.vancouversun.com

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