Alibaba stock price hits fresh record highs as Ant’s IPO raises record $34.5 billion

Shares of Alibaba (NYSE: BABA) logged fresh record highs as Ant Group, which is controlled by Alibaba, recorded the world’s largest IPO ever.  Fundamental analysis: Record IPO amid strong demand Ant Group, the Chinese tech giant, is set to close its initial public offering (IPO) to investors a day earlier than previously planned amid strong demand. This way, the book-building process in Hong Kong will close at 5 p.m. local time on Wednesday, 24 hours earlier than planned. “It was like the flood gates just opened,” persons with knowledge of the situation told Nikkei Asia. “Investors’ appetite has been overwhelming.