Alibaba Launches Hong Kong IPO

(RTTNews) - Alibaba Group Holding Limited (BABA) said that it launched its Hong Kong public offering, which forms part of the global offering of 500 million new ordinary shares and listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "9988.

The company said that its American depositary shares or "ADSs", each represents eight ordinary shares of the company, will continue to be listed and traded on the New York Stock Exchange. Upon listing in Hong Kong, the Hong Kong-listed shares will be fully fungible with the ADSs listed on the NYSE.

The company noted that it plans to use the proceeds from the Offering for the implementation of its strategies of driving user growth and engagement, empowering businesses to facilitate digital transformation.

The offering initially comprises 12.50 million new Shares under the Public Retail Offering and 487.50 million new Shares for subscription globally.

The offer price for the Public Retail Offering will be no more than HK$188.00 per share. The offer price for the international offering tranche of the Offering may be set higher than the Maximum Public Retail Offer Price.

The company said it will set the International Offer Price by November 20, 2019. The final Public Retail Offer Price will be set at the lower of the final International Offer Price and the Maximum Public Retail Offer Price of HK$188.00 per share.