Alibaba is set to raise as much as $12.9bn in its secondary listing in Hong Kong, pricing its shares at a slight discount to those traded in New York in what will be the world’s biggest equity raising this year.
The Chinese technology group has provided guidance to institutional investors that it will sell shares at HK$176 ($22.48) each, according to three people familiar with the matter. That represents a 2.9 per cent discount to the closing price of Alibaba’s New York-listed American Depositary Receipts on Tuesday.
The shares will list in Hong Kong on November 26 under the ticker 9988 — numbers that are auspicious in Chinese culture.
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