The net asset value of the Fidelity China Special Situations trust rose by 7% on Friday following Chinese e-commerce site Alibaba's record $25bn IPO.
The trust's holding in the previously-unlisted company accounted for 4.6% of its portfolio as of 30 June, making Alibaba its second largest holding. After months of speculation and a feverish listing process, the internet giant listed in New York on Friday at $68 a share. A 38% rise in its share price during the day meant the company ended last week with a value of some $230bn. As a result, Fidelity China Special Situations' net asset value stood at 137.86p per share by Friday's close, a rise of 7.4% from Thursday's closing NAV of 128.4p. The board of the trust, managed by Dale Nic...
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