Startup Asia Tokyo Arena finalist 8 Securities, a financial trading company based in Hong Kong, announced a campaign today that lets casual stock traders in Asia get in on the New York City action of US$24 billion Alibaba IPO.
Mikaal Abdulla, co-founder of 8 Securities, told Tech in Asia that the company will set aside US$1 million dollars worth of Alibaba shares to be split amongst the first 8,888 new accounts. Customers can open an account with a US$1,000 deposit.
“We did a very similar campaign in Hong Kong for the Facebook IPO. It was a lot of fun. Our customers in Hong Kong did very well as their free stock is now worth almost $400 USD (up approximately 100%),” Abudlla said in an email.
With Alibaba stock expected to price above US$60, and the campaign giving out a little over US$100 per account, new users probably should not depend on their free stock to fund their retirement plans. On the other hand,
8 Securities, most recently raised US$9 million of a US$12 million series B round, earmarking most of that money for market expansion. The company is also expecting its new wealth management tool to help raise its profile.
See: 8 Securites sets its eyes on China (#StartupAsia Arena)
Financial trading startup 8 Securities ties itself to the Alibaba IPO rocket, offers free Alibaba shares to new account owners
No comments:
Post a Comment