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Tags: China | Alibaba

E-commerce Giant Alibaba Raises $11 Billion in Share Listing

Wednesday, 20 November 2019 06:38 AM

BEIJING (AP) — The Chinese e-commerce giant Alibaba has raised about $11 billion in a share offering in Hong Kong, the city’s biggest offering since 2010.

Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9% discount for the closing price for its shares traded in New York.

The company’s shares are due to begin trading on Nov. 26.

The secondary listing in Hong Kong is a rare boost for Hong Kong at a time when the former British colony is embroiled in political unrest.

The company’s share code, 9988, is a homonym in Chinese for “eternal prosperity.”

Alibaba earlier reported it logged $38.4 billion in “Singles Day” sales on Nov. 11, up 26% from a year earlier.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
The Chinese e-commerce giant Alibaba has raised about $11 billion in a share offering in Hong Kong, the city's biggest offering since 2010.Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9%...
China,Alibaba
132
2019-38-20
Wednesday, 20 November 2019 06:38 AM
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