|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Alibaba Expects to Raise Nearly $13 Billion in Hong Kong Listing

BEIJING – China’s e-commerce giant Alibaba announced Wednesday that it expected to raise up to 101.2 billion Hong Kong dollars (nearly $13 billion) in its listing on the Hong Kong stock exchange, the world’s biggest listing so far this year.

In a statement on its website, the group said it would offer 500 million shares at HK$176 each and that international underwriters would have over-allotment option to purchase up to another 75 million shares at the same price.

Each of Alibaba’s American Depositary Shares (ADS) on the New York Stock Exchange (NYSE) will be worth eight of its Hong Kong shares following a decision in July by the shareholders to split a share into eight.

This means that the offer price of HK$176 will translate to approximately $180 per ADS, 2.8 percent less than the New York-listed shares.

The company had said on Nov.15 that the shares would be traded in lots of 100 shares each and would be “fully fungible with the ADSs listed on the NYSE.”

Alibaba’s shares are expected to begin trading on Nov. 26 under the stock code “9988,” whose pronunciation in Chinese has a sound similar to the phrase “prosperity forever.”

While Alibaba’s IPO in Hong Kong will be the largest in the world so far this year, the figure is well below what some media speculated in May, about $20 billion.

Co-founder Joe Tsai had said in 2013 that Hong Kong was the “natural first choice” for Alibaba’s IPO although conditions led the company to finally opt for New York.

However, in the last few years, the Hong Kong stock exchange has carried out a series of reforms including one that allows companies that are already listed in New York or London to file an application to go public in Hong Kong confidentially.

The group, founded by billionaire Jack Ma 20 years ago, began trading its shares at the NYSE in 2014 at $68, a figure that had risen to $185.26 at the close of the last session.

This listing places the group as Asia’s biggest company and the seventh in the world with a market value of $483.66 billion.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2020 © All rights reserved