Alibaba's planned $13.4 billion share sale will be Hong Kong's first paperless stock market listing, breaking with a long-held tradition of investors placing stock orders in bank branches. See more: by murdochsj
HONG KONG - Alibaba’s planned $13.4 billion share sale will be Hong Kong’s first paperless stock market listing, a source with knowledge of the matter said, breaking with a long-held tradition of investors placing stock orders in bank branches.
The decision by Alibaba to fully automate the retail subscription component of its deal comes as Hong Kong is gripped by violent civil unrest which has shut shops in the financial district and on Thursday led the government to close schools. Alibaba is not expected to carry out a advertising campaign for the listing, but will tell potential retail shareholders, particularly the elderly, that the automation process will not lock them out of participating.The Hangzhou-based ecommerce giant will invite retail investors to subscribe for shares on Friday, with an initial allotment for them of 12.5 million shares, or 2.5% of the new stock to be issued, a term sheet seen by Reuters shows.
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