The stock market had never seen an IPO like it. At $25bn, assuming the expected high demand leads the underwriters to sell the maximum of shares available, Alibaba’s launch on the New York Stock Exchange on Friday looked set to be the biggest stock sale ever. Jack Ma, the Chinese ecommerce company’s charismatic founder, was on hand for the celebration at the New York Stock Exchange as China’s richest man became 38 per cent richer. FT reporters Sarah Mishkin, Hannah Kuchler, Eric Platt and Sujeet Indap reported it as it happened. 

Smart watches, TVs and cars featured prominently on Wednesday as Google laid out its plans for pushing its Android smartphone software into new fields. At its annual I/O developer event in San Francisco, “wearables” had pride of place, with news that the first smartwatches based on Android Wear are now on sale – before Apple unveils its much-anticipated iWatch. With Android TV and Android Auto, on the other hand, Google was playing catch up with Apple. The event pointed to how the battle for the next big tech markets beyond the smartphone will be fought. Richard Waters and Tim Bradshaw were at the Moscone Center for this round.