NEW YORK -- China's e-commerce giant Alibaba Group on Friday morning rang the opening bell at the New York Stock Exchange (NYSE), marking its initial public offering (IPO) on Wall Street.

Alibaba set its IPO price at $68 per American Depositary Share on Thursday evening, raising 21.8 billion dollars. The IPO is believed to be the biggest in US history.

President of NYSE Group Thomas Farley said it could take two or three hours to balance the opening price of the Alibaba shares. The market has widely expected it to be higher than the IPO price.