Alibaba shares up 4.5% in HK gray market ahead of 2019's largest IPO

2019-11-26 10:11:44 source: People's Daily App


Chinese e-commerce giant Alibaba Group Holding is ready for its debut on the Hong Kong Stock Exchange on Tuesday under the stock code 9988, despite ongoing protests in the Hong Kong Special Administrative Region (HKSAR).


  File photo: CGTN


The listing is believed to be the biggest stock float this year and the largest share sale in Hong Kong since 2010, according to Bloomberg. CICC and Credit Suisse are the joint sponsors for the offering.


Ahead of their debut on the stock exchange's main board, shares of Alibaba climbed 4.5 percent at a gray market venue in Hong Kong on Monday. The stock price closed at 184 Hong Kong dollars on a platform run by Phillip Securities Group, compared with an offer price of 176 HK dollars. It rose as high as 185 HK dollars during the session. About 1.7 million shares changed hands.


Alibaba's American depository shares rose 1.04 percent to 186.78 U.S. dollars in New York on Friday, the equivalent of 182.81 HK dollars at current exchange rates. Each ADS represents eight shares.


Alibaba raised 88 billion HK dollars (11.3 billion U.S. dollars) in gross proceeds after its 500-million-share offering was priced at 176 HK dollars each, compared with the maximum indicative price of 188 HK dollars. The company could raise more money from the issue if an overallotment option for 15 percent of the base offering is exercised.

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