Alibaba Group Holding Ltd. priced the retail portion of its Hong Kong share sale Friday, issuing an appeal to individual investors in a city in the throes of recession after months of violent pro-democracy protests.
The largest Chinese e-commerce company capped the 12.5 million shares available to individual investors at HK$188 apiece—an auspicious number in Chinese culture—making it the most expensive first-time share sale in Hong Kong. Alibaba said it may price the remainder of its 500 million share offering above that ceiling, signaling that it aims to raise at least $12 billion in what would be one of the world’s largest sales of stock this year. The company will price the rest of its international offering by November 20.
Asia’s largest corporation is proceeding with what could be Hong Kong’s biggest share sale since 2010. Slated for late November, it’ll be the Chinese e-commerce juggernaut’s official Asian coming-out party—half