Tuesday, December 04, 2007

Alibaba touches new high

All those who thought that Alibaba would trade slowly downwards after the excitement of the IPO are going to have to rethink their positions. Step forward yours truly - do not buy a stock tip from this man!

I see that yesterday it hit an all time high of HK$41.80 before settling down to a close of $38.65. That valued the boys in Hangzhou briefly at a hair over HK$211 billion (US$27 billion). Heck they could buy Facebook, have change to spare to pick up the entire remainder of the Asian B2B media sector and still have enough change for another 7,000 sq. foot penthouse in the most expensive building in Hong Kong.

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