NEW YORK, Ny. -- It was a big day for Chinese E-commerce giant, Alibaba. Never heard of it? Well, this internet company is all the rage in China; it’s a mash up between eBay, Amazon and PayPal.
On Friday they made history as the biggest initial public offering in the United States, selling over 12 million shares at $68 per share. Raising a whopping 22 billion dollars! That’s more than Amazon and eBay combined!
Alibaba will trade on the New York Stock Exchange under the ticker symbol BABA.
So what is Alibaba?
It runs China’s two most popular shopping sites Taobao and Tmail. You can also buy movie tickets or have lunch delivered through their sites.
So why should we keep this Chinese company on our radar?
Well, before long we might be shopping on sites like our friends in the East.
But with less than half of China’s 1.3 billion citizens online, this successful company is only expected to grow.