Alibaba Group Holding Ltd (阿里巴巴) is poised to raise about HK$88 billion (US$11 billion) in its Hong Kong stock offering as it is telling prospective investors it will likely price the shares at about HK$176 each, people with knowledge of the matter said.
The potential price represents a 2.9 percent discount to the last close of Alibaba’s US depository shares in New York, with each equal to eight ordinary shares of the Internet company.
The Hong Kong share sale marks one of the largest globally this year and the biggest for the territory since 2010.
Photo: AFP
The final price has not been formally set and could still change, said the people, who asked not to be identified because the information is private.
A representative for Alibaba declined to comment.
With a Hong Kong listing in sight, Alibaba is to challenge Tencent Holdings Ltd (騰訊) for the title of the largest listed corporation in the territory.
Alibaba is selling 500 million new shares, 12.5 million of which are set aside for individual investors, it said in a statement last week.
The company has an overallotment option to sell an additional 75 million shares.
The pricing of the retail tranche is capped at HK$188 each — an auspicious number in Chinese culture — making it the most expensive first-time share sale in Hong Kong.
In 2014, Alibaba listed its shares in New York in the biggest-ever initial public offering.
After losing some of China’s brightest technology stars, Hong Kong started looking into allowing dual-class shares. Last year, the territory’s bourse introduced new rules to accommodate the structure.
Alibaba is to commence trading in Hong Kong on Tuesday next week.
Credit Suisse Group AG and China International Capital Corp (中國國際金融) are the joint sponsors of the share sale.
Citigroup Inc, JPMorgan Chase & Co and Morgan Stanley are also arranging the deal.
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