The founder of ecommerce website Alibaba, Jack Ma, has been declared the richest man in China a few days after his company went live on the New York Stock Exchange (NYSE).
The launch of the highly valued stock has been described as one of the most successful IPO's in the history of the country after the price of the company's shares soared to about $100 on its first day on the market this past Friday. Reports indicate that the company generated over $25 million after becoming listed on the NYSE last week.
The firm, which has a market cap of $231 million, is valued over both Facebook and American ecommerce giants Amazon and eBay.
Although Alibaba has been focused on the Chinese market in the past, officials say the company is bent on expanding to other parts of the world - particularly the US.
After his company was listed on the NYSE last week, Ma, who still owns a 7.8% stake in the organization, told the press that he was both honored and humbled by the achievement. According to the former English teacher, his dream is for Alibaba to be categorized among the foremost companies that have changed the world.
Reports indicate that Alibaba has injected close to $1 billion in a number of start-ups in the US over the past few years.
Experts say the impressive performance of the stock reflects the overwhelming confidence of investors in the company. But some commentators have noted that the stock's performance may have also been supported by the overall bullish outlook in the stock exchange.
Alibaba was rejected by the Hong Kong Stock Exchange due to the company's unique corporate structure that empowers its partners over its board of directors. Pundits say the IPO of Alibaba on the NYSE will cement the position of this stock exchange as the foremost in the world and ensure a large chunk of the company's profit is redirected to the US.
