Business Maverick: Alibaba Launches Mega Share Sale With $12 Billion Retail Tag

The largest Chinese e-commerce company capped the 12.5 million shares available to individual investors at HK$188 apiece, an auspicious number in Chinese culture. Alibaba said it may price the remainder of its 500 million-share offering above that ceiling, signaling that it aims to raise at least $12 billion in what would be one of the world’s largest sale of stock this year. The company will price the rest of its international offering by Nov. 20.

Asia’s largest corporation is proceeding with what could be Hong Kong’s biggest share sale since 2010. Slated for late November, it’ll be the Chinese e-commerce juggernaut’s official Asian coming-out party — half a decade after snubbing the financial hub for a record Wall Street debut.

“The listing in Hong Kong will allow more of the company’s users and stakeholders in the Alibaba digital economy across Asia to invest and participate in Alibaba’s growth,” the company said. “During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright,” Daniel Zhang, chief executive officer of Alibaba, said in a letter to investors.Listing closer to home has been a long-time dream of billionaire Alibaba co-founder Jack Ma’s.

Alibaba has considered a Hong Kong listing for a long time, Michael Yao, head of corporate finance at Alibaba, said on a call with investors this week. The deal size hasn’t changed as a result of the protests, he added.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Business Maverick: Alibaba Hong Kong Listing ApprovedThe Alibaba Group has won approval to forge ahead with a Hong Kong share sale that could raise at least $10-billion, according to a person familiar with the matter.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

MARKET WRAP: Rise in commodity prices gives miners a boostRetailers did surprisingly well, despite retails sales for September roundly missing the mark
La source: BDliveSA - 🏆 12. / 63 Lire la suite »

BUSINESS MAVERICK: AMCU says platinum wage signing deal postponedThe Association of Mineworkers and Construction Union has abruptly postponed the signing of wage deals with South Africa’s big platinum producers that was scheduled for Wednesday. No explanation was given, leaving everyone in the dark.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

BUSINESS MAVERICK: Companies: A tangled web woven: The PIC and Independent MediaThe findings of the Mpati Commission of Inquiry are yet to be publicly released, yet despite all good intentions, the new management of the PIC seems slow to act in important cases, such as its investment in Independent Media.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: Google Deepens Push for Financial Data With Citigroup Tie-UpGoogle is taking its deepest dive yet into the financial lives of its users with plans to roll out a checking-account service.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: Tencent Slides 2% After Earnings Miss Lowest Analyst’s EstimateTencent Holdings Ltd. slid more than 2% after reporting earnings below the lowest analyst’s estimate, underscoring the Chinese internet giant’s challenges in reviving growth during an economic slowdown.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »