Asian stocks rallied on Tuesday's morning trading as Chinese e-commerce crown jewel Alibaba finally made its debut in Hong Kong. The the online retail giant saw its shares surge by up to seven percent.
According to CNBC, the Shenzhen composite increased by 0.68 percent, the Shanghai composite edged up 0.2 percent, the Shenzhen composite gained 0.513 percent, the Hang Seng index added 0.67, and the Australian S&P/ASX 200 gained one percent.
South Korea's Kospi also lodged an increase of 0.69 percent, the Topix index hiked by 0.82 percent, while Japan's Nikkei 225 gained 1.09 percent. Westpac stocks also gained over 1.5 percent after the announcement that CEO Brian Hartzer is stepping down.
Before Alibaba's Hong Kong debut, U.S. stocks also rallied as global stock markets watched the homecoming of one of China's most treasured companies. The Nasdaq Composite added 1.3 percent and the S&P 500 edged up 0.8 percent.
Last week was a different story for global stocks are multiple indexes snapped weeks-long winning streaks under trade war uncertainties and the Westpac scandal that broke the sentiment of many investors.
However, hopes are high in global markets this week as investors watch Alibaba's every move now that it has listed back home. The e-commerce leader is already listed under the New York Stock Exchange.
The company's Hong Kong listing is the biggest yet this year since Saudi Aramco has a number of issues that it has to fix before it can officially start public trading.
According to Reuters, China's biggest online retail platform raised at least $11.3 billion in its secondary listing. It is expected that the amount to be raised will hit $12.9 billion should the firm exercise an over-allotment option within a month.
During the listing ceremony, CEO Daniel Zhang said listing at home came after years of waiting patiently for the right time to come. The biggest issue that drove a wedge between the Chinese tech giant and Hong Kong regulators were the company's governance structure.
Zhang thanked the city and the stock exchange for its "reform and innovation of the capital markets." He referred to the changes implemented by regulators over the past few years so Alibaba and other Chinese companies will decide to list in home turf.
Refinitiv data revealed that Alibaba holds the fifth spot among the most traded companies under the NYSE. Investors are eager to see how the company will regain momentum in the coming weeks.
Meanwhile, the success of Alibaba's secondary listing was initially questioned by some industry experts as its founder and former chief, Jack Ma, retired earlier this month.
At the time of his retirement, Ma said he is looking for new "opportunities" outside the company, he founded from the ground. It remains to be seen whether he will venture into new segments but some industry analysts believe he will stick to the branches of e-commerce.
