Alibaba announces pricing of global offering
Chinese e-commerce giant Alibaba Group announced Wednesday the pricing of its global offering of 500 million ordinary shares.
The final price for the global offering, which comprises of both a Hong Kong and international offering, has been set at 176 Hong Kong dollars (22.49 U.S. dollars) per share.
Subject to approval from the Stock Exchange of Hong Kong Limited (SEHK), the shares are expected to begin trading on the main board of the SEHK on November 26, 2019, under the stock code ''9988.''
Alibaba plans to use proceeds from the global offering to implement its strategies to drive user growth and engagement, empower businesses to facilitate digital transformation, and continue to innovate and invest for the long term, according to the company.