Chinese tech giant Alibaba confirms plans to list in Hong Kong in massive $13 billion IPO
This file picture taken on September 9, 2014 shows a woman walking past the Alibaba booth during an exhibition in Hangzhou, east China's Zhejiang province.
Alibaba will offer 500 million shares at a maximum of HK$188 apiece, the company said. The number eight is considered auspicious in China. Daniel Zhang, Alibaba Chief Executive Officer, said the group wanted to "contribute, in our small way, and participate in the future of Hong Kong". In the statement, Zhang said that when Alibaba went public in 2014 it "missed out on Hong Kong with regret".Mainland authorities have also stepped up moves to attract such lis tings, including launching a new technology board in Shanghai in July.
It has long been expected to launch a multibillion-dollar stock listing in Hong Kong but appeared to postpone the offering because of political and economic turmoil.Chinese shoppers set new records for spending on Monday's annual 24-hour "Singles' Day" buying spree despite an economic slowdown in the country and the worries over the US trade war.
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