Price falls below 188 Hong Kong dollars Alibaba had set a ceiling last week, but it will still increase up to $ 12.9 billion, making it by far the largest public offering of the year.
"Secondary listings are an art form, not an exact science," said Jeffrey Halley, senior market analyst for Asia Pacific in Oanda.
Alibaba wants to make sure the Hong Kong listing is generating a lot of interest, so "those prices are at a level where I'm 1
The company declined to comment.
Alibaba is scheduled to list shares on November 26.