Alibaba's shares surge over 6% on HK debut

Shares of Alibaba Group Holding Ltd jumped over 6 percent on its Hong Kong market debut on Tuesday after becoming the world's biggest initial public offering so far this year.

The Chinese internet giant, which is already listed in New York, saw stock gain around 6.25 percent to HK$187 as it started trading on the Hong Kong stock exchange.

Alibaba, which operates the Taobao and Tmall online retail platforms and an array of logistics to financial services, raised HK$101.2 billion by selling 575 million new shares to investors, the company said in a statement on Tuesday.

The retail portion was oversubscribed by 42 times, it said.

The surge followed a 1.96 percent rally in its New York-listed shares to $190.45 on Monday.

Alibaba Group ended the day at HK$187.6, up 6.59 percent from the issue price of HK$176, representing a small premium to pricing in New York.