Alibaba raises additional US$1.7 bil with oversubscribed HK share listing

HONG KONG: Chinese e-commerce giant Alibaba said on Tuesday it has raised an additional HK$13.17 billion by exercising the over-allotment option in its Hong Kong secondary listing.

The company has received approval to list 75 million over-allotment shares at HK$176 per share, the same price it offered under its secondary listing, it said in a filing to the Hong Kong stock exchange.

The listing and dealing of the shares on the exchange would begin on Dec 6, the company said.

Alibaba on Nov 20 raised up to US$12.9 billion in a landmark listing in Hong Kong, the largest share sale in the city in nine years and a world record for a cross-border secondary share sale.

In their first session of trade on Nov 26, Alibaba’s Hong Kong shares closed up 6.6% higher from the issue price in heavy trading.

As of Tuesday’s closing price, the stock has climbed nearly 3% since its debut.