Shares of the Chinese e-commerce giant closed at $210.13 on Thursday, just slightly north of its prior closing price of $210.00 and a new 52-week high. All three major indexes set closing and intraday records on Thursday.
Alibaba shares began trading on the Hong Kong Stock Exchange on Nov. 26 in addition to its primary listing venue at the NYSE, adding billions to its balance sheet.
The company reported a record $38.4 billion in sales during its recent Singles Day shopping event, and had sought to push into lower-tier and less developed cities in China, and encourage more customer engagement across its many services and platforms outside of its main ecommerce marketplace.
In a note this week, Stifel analyst Scott Devitt noted that lower-tier cities present an attractive growth opportunity for Alibaba, and that its recent reinvestment push across various lines of business may strengthen its position.
"Alibaba holds well over half of market share of China online shopping. Investments in cloud services, local services, content, and multichannel retail should improve long-term monetization and the competitive position," he wrote.
Year to date, Alibaba shares are up 53%.