Why Alibaba Stock Was Riding Higher on Wednesday

Chinese e-commerce giant Alibaba Group (NYSE: BABA) was standing tall on the stock market Wednesday. Fueled by a successful round of capital-raising, the company's U.S.-traded American depositary shares (ADSes) were rising by nearly 3% in late-session action. That was easily outpacing the S 500 index's gain of 0.2% at that point.

Alibaba announced that it has completed a roughly $3.2 billion flotation of zero coupon convertible senior notes. The purchasers were "certain non-U.S. persons," it did not identify.

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Source Fool.com