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Alibaba listing: Company finds high demand for Hong Kong shares despite city turmoil



China's largest e-commerce company will stop taking orders from retail investors of $ 13 billion on sale later on Tuesday after seeing stronger than expected demand, a person familiar with the matter told CNN Business.

Enthusiasm is a vote of confidence in the Asian economic hub, which has been shaken by months of civil unrest. The Hang Seng Index ( HSI ) dropped 4.8% last week as the city struggled with escalating levels of violence. So far this week, the index has risen by 2.9% despite a further escalation of violence centered around the siege of a university.
Alibaba closes the order books on Tuesday at noon ET in New York, half a day earlier than originally planned, the person said. The plan was first reported by Reuters.

The Hong Kong listing was "repeatedly subscribed," the person said, adding that the final price retail investors will pay for the Hong Kong listing will be based on Alibaba's closing price Tuesday in New York, where the shares have been traded since 201

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The company founded by billionaire founder Jack Ma collected $ 25 billion in the original offer on the New York Stock Exchange, which crushed records as history's largest stock exchange listing.

At the current price of Alibaba's New York shares, Hong Kong sales would fall below the share price of the 188 Hong Kong dollars ($ 24) the company had set as a ceiling.

But it would still raise nearly $ 13 billion if the company's bankers exercise an option to buy an ad detional shares.

Alibaba declined to comment.

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The listing would exceed AB InBev & # 39; s ( BUD ) about $ 5 billion listing of its Asia business in Hong Kong earlier this year so as well as Uber's $ 8.1 billion debut in New York, the biggest of the year so far. It can also cement the Hong Kong Stock Exchange's status as the largest public offering venue of the year.
The offer is the latest sign that investors and companies have not been saved by months of protests in Hong Kong, which recently plunged into its first recession in a decade.

Alibaba is scheduled to list shares on November 26, according to a term paper.


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