Pursuits
The Alibaba Seven Soar as Chinese Traders Gain From IPO
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Chinese investors, left out of Alibaba Group Holding Ltd.’s U.S. initial public offering, are piling into the next-best thing.
The seven mainland-traded companies that either sold stakes to Alibaba or have partnerships with the e-commerce business have rallied 15 percent on average over the past month through yesterday, beating the Shanghai Composite Index by 10 percentage points, data compiled by Bloomberg and GF Securities Co. show. Financial software developer Hundsun Technologies Inc. has climbed 24 percent while China Shipping Container Lines Co., whose parent works with Alibaba on cross-border logistics, rose 19 percent.