What explains Alibaba’s miraculous IPO success on the New York Stock Exchange?

Kailei Wei* (Corresponding Author), Libo Xiao, Yang Fang, Chunxia Jiang* (Corresponding Author)

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


Shattering the all-time high record of $68.15 billion set by AT&T in April 2000,
Alibaba became the world’s largest IPO, raising $169.4 billion at the New York
Stock Exchange in September 2014. Using this outstanding case, the underlying
drivers for foreign IPO success were explored. Four propositions are elaborated
on: (1) companies choose the capital market with the institutional environment
accommodating their internal characteristics, thereby taking advantage of the
institutional differences between home and host countries to facilitate their
development strategy; and (2) companies’ IPO success is largely driven by the
industry growth potential, fundamentals, and strategic alliances.
Original languageEnglish
Pages (from-to)299-322
JournalAsia Pacific Business Review
Issue number2
Publication statusPublished - 11 Nov 2022


  • Alibaba
  • China
  • Institutional environment
  • overseas IPO


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