Since the company first had its IPO in September, the shares of Alibaba are hitting an all-time low. This is due to the Chinese market plummeting rapidly, something that many companies are dealing with right now.
Alibaba does trade on the New York Stock Exchange, and peaked at $120 per share, but this was before questions of authenticity raised about the products sold on the website. Due to this, the stock for Alibaba on the NYSE is hovering between $80 to $90 per share. But, the damage has been done for Alibaba.
Now the company is facing another issue with the Chinese market. On Tuesday, there was a point in which the stock for Alibaba went to $76.21 per share, the lowest point the shares of the company have ever gone since they went public in September.
So why is Alibaba seeing low share prices in China? This is due to the Chinese market having a sell off, causing there to be tons of riffs in the global market. Plus, the market was already unstable due to the Greek debt crisis that is being seen. Due to the Chinese market crashing, there has been $3 trillion that has been lost in the past month alone.
There are those who are hopeful the Chinese market will eventually even out, and companies like Alibaba are not going to see losses for much longer. However, with the number of companies that left the NYSE to go to the Chinese market, they may be second guessing this decision after almost every stock plummeted yesterday. Most companies are hoping for a better stock price within the next few days.
Want more about Alibaba? You may enjoy reading about Jack Ma’s of Alibaba’s Recipe for Success