Alibaba Group raises $11.2 billion in Hong Kong listing
- Dan Primack, author of Axios Pro Rata
Illustration: Aïda Amer/Axios
Alibaba Group raised around $11.2 billion via a secondary share sale in Hong Kong.
Why it matters: It's the largest Hong Kong listing in nearly a decade and returns Alibaba to the exchange where it first listed in 2007 (later it went private and then IPO'd in New York).
Yes, but: Alibaba priced shares at nearly a 3% discount to where they closed trading Tuesday on the NYSE, preventing this from becoming one of the 10 largest global floats of all-time.
The bottom line: "The mega share sale comes as Hong Kong’s economy has been hurt by months of increasingly violent protests and growing anti-China sentiment. Alibaba’s return will please Chinese officials who’ve watched many of the country’s largest private firms flock overseas for capital." — Bloomberg
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