E-COMMERCE giant Alibaba Group Holding made its blockbuster debut on the Hong Kong Stock Exchange yesterday, marking the city’s biggest share sale in nine years.

Alibaba’s Hong Kong shares were trading 7.7 percent higher at HK$189.50 (US$24) in their debut. The shares closed up 6.5 percent at HK$187.5.

Alibaba has raised at least US$11.3 billion from the secondary listing, and that amount could climb to as much as US$12.9 billion if an overallotment option is exercised.

The company’s shares already are listed in New York, where its 2014 IPO set a record at US$25 billion.

At yesterday’s listing ceremony, CEO Daniel Zhang noted Alibaba’s Hong Kong debut had been a long time coming.

“Thank you Hong Kong and thank you HKEX. Your reform in the past few years has made it possible for us to realize what we missed five years ago,” Zhang said.

Alibaba had hoped to initially list in Hong Kong, but eventually chose New York for its record-breaking initial public offering in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

Last year, the Hong Kong Stock Exchange changed its rules to accommodate dual-class share, enabling tech companies, including Meituan and Xiaomi, to debut there.

Alibaba is the fifth most-traded company in New York this year, averaging US$2.6 billion a day, according to Refinitiv data.

The company sold its Hong Kong shares at HK$176, which was a 2.9 percent discount to the company’s closing price in New York last Tuesday. Each American Depository Receipt (ADR) represents eight Hong Kong shares.(SD-Agencies)