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Technology Stocks : Alibaba Group Holding Limited
BABA 131.61-1.3%Nov 29 4:01 PM EST

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From: Glenn Petersen11/20/2019 11:14:08 AM
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Alibaba Group raises $11.2 billion in Hong Kong listing

Dan Primack
Axios
November 20, 2019

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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