Deals

Alibaba Raises $11 Billion in Biggest Hong Kong Listing Since 2010

Company priced 500 million new shares at HK$176 each
Alibaba’s share sale is among the world’s largest this year

David Dai of Sanford C Bernstein discuses Alibaba’s stock offering, the pricing, and his expectations for the debut.(Source: Bloomberg)

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By Carol Zhong, Lulu Yilun Chen, and Crystal Tse

November 19, 2019 at 10:38 PM UTC

Updated on

November 20, 2019 at 10:04 AM UTC

This article is for subscribers only.

Alibaba Group Holding Ltd. has raised about HK$88 billion ($11.2 billion) in its Hong Kong share sale, marking the biggest equity offering in the financial hub since 2010.

The company confirmed that it has priced 500 million new shares at HK$176 each in a statement on Wednesday. The price represents a 2.9% discount to the last close of Alibaba’s American depository shares in New York, with each equal to eight ordinary shares of the internet company. This Hong Kong share sale is also one of the largest globally this year.