Alibaba raises up to $12.9 bln in HK listing

Credit: Reuters Studio
Published on November 20, 2019 - Duration: 01:09s

Alibaba raises up to $12.9 bln in HK listing

Chinese e-commerce giant Alibaba Group raised up to $12.9 billion in a landmark listing in Hong Kong, the largest share sale in the city in nine years.

David Pollard reports.

Alibaba raises up to $12.9 bln in HK listing

176 dollars a share is what investors are being asked to pay For a slice in Chinese e-commerce giant Alibaba.

And it's certain to get it .... With retail investors subscribing for 40 times the shares they were originally offered, Alibaba is having to ramp up their allocation to meet demand.

Fresh from a record Singles Day online retail extravaganza this month - it took in 38 billion U.S. dollars ... Alibaba will raise 88 billion Hong Kong dollars through this new listing on the local exchange.

An auspicious sum because eight is a lucky number in Chinese culture.

In U.S. dollars, it comes in at 11.3 billion.

Which could go up to 12.9 billion if a further allotment is offered.

After 5 months of anti-government protests, the news will be a boost to Hong Kong too.

Alibaba's 25 billion dollar Wall Street debut in 2014 was the biggest float ever.

Its new listing will set a new record - for the biggest cross-border secondary share sale.

A listing ceremony is due to be held at the Hong Kong stock exchange next Tuesday (November 26).

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