Mainland Chinese investors flocked to Alibaba Group Holding Ltd. as its Hong Kong-listed stock was made directly available to them for the first time.
Investors bought HK$8.5 billion ($1.1 billion) worth of Alibaba shares through the Stock Connect program on the first day, on a net basis, according to stock exchange data released late Tuesday. Purchases via the Shanghai and Shenzhen bourses accounted for about half of the day’s turnover in the stock.
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