China’s wet market is booming.
The country’s second largest stock market surpassed $7 billion in three days on Friday, the highest weekly value in five years.
On Friday, a company called Alibaba Holdings Ltd.
sold $10 billion of shares in a $10.8 billion IPO, raising $5.7 billion for Alibaba, the world’s largest online retailer.
It’s also the biggest IPO in Chinese history, eclipsing the $5 billion the company raised in 2000.
In a statement Friday, Alibaba CEO Jack Ma said the company has sold more than 20 million shares, surpassing its goal of selling 20 million stock by mid-July.
The company said it sold $4.8 trillion worth of shares, the largest single-day sale of U.S. stock this year.
The biggest U.K. share sale ever was in January, when a company bought about $2.5 billion of U,K.
“The world has never seen such a significant rise in stock prices,” said Mark Zandi, chief investment officer at Morningstar.
“I think that this is the beginning of a trend.”
The rise in the Chinese stock market comes amid a slowdown in global economic growth and a surge in foreign capital that has contributed to a sharp rise in inflation.
The yuan tumbled this week to its weakest level against the dollar since early 2016, following the U.N. sanctions imposed on Beijing for its crackdown on dissent.
The yuan has been gaining on gold and other currencies in the past month.
China’s currency, the renminbi, has gained nearly 3% against the greenback over the past week.