Alibaba Extends December Drop as Lockup Expires: China Overnight
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Alibaba Group Holding Ltd., China’s biggest e-commerce company, fell in New York, extending the first monthly decline since its September debut as an agreement preventing early investors from selling their shares expired.
Alibaba, which raised $25 billion Sept. 18 in the largest initial public offering in history, slipped 3 percent to $105.52. The American depositary receipts are down 5.5 percent this month, paring their post-IPO return to 55 percent. NQ Mobile Inc. surged 35 percent, the most on record, after saying it plans to buy back $80 million in shares. The Bloomberg China-US Equity Index dropped 0.5 percent to 108.63.