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HONG KONG (MarketWatch) -- Shares of Alibaba.com jumped 122% in their debut in Hong Kong trading Tuesday, marking a successful start for the world's largest initial public offering by an e-commerce company since Google Inc.
Shares of Alibaba.com were quoted at HK$30 ($3.86) in early morning trade, up from its initial offering price of HK$13.50. The share traded as high at HK$32.
"I think Alibaba's share price is way ahead of its fundamentals; I think the best advice is to get out as soon as possible," said Francis Lun, general manager of Fulbright Securities in Hong Kong. "The company is not worth HK$150 billion (at the current market price)."