This archive report was first published on 20 November 2019.
On November 20, 2019, Alibaba's highly anticipated listing in Hong Kong was set to raise a staggering $12.9 billion, making it the city's largest initial public offering since 2010.
The e-commerce giant will sell 500 million shares to investors at HK$176, below the maximum HK$188 of its indicative price range, according to Bloomberg News.
Alibaba's decision to list in Hong Kong comes after months of violent protests and the China-US trade war, which have sent the city's economy into recession.
Despite the challenges, the listing is seen as a vote of confidence in Hong Kong's markets, with Alibaba's billionaire founder Jack Ma expected to curry favour with Beijing.
China's mainland authorities have also been pushing for more listings in the city, including the launch of a new technology board in Shanghai in July.
Alibaba's shares are already traded in New York, but a second listing in Hong Kong is expected to attract more investors and boost the city's economy.
