E-commerce giant Alibaba is returning to its roots with a bang — a nearly $13 billion bang.
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|BABA||ALIBABA GROUP HOLDING LTD||249.70||-15.98||-6.01%|
The company priced its secondary listing at HK$176 in what is the biggest for Hong Kong in almost a decade, this translates to $180 per American Depository Shares.
Shares will begin trading on the Hong Kong Exchange on No. 26.
Earlier Tuesday, FOX Business learned the deal, due to high demand from institutional and retail investors, closed early after being "oversubscribed."
The offering will allow the company to expand its investor base, tap new pools of capital in the Asia region and give investors nearly 24-hour trading of the shares.
In 2014, Alibaba, under the direction of CEO Jack Ma, first listed its shares on the New York Stock Exchange in a deal valued at $25 billion, which at the time was the largest ever.
Ahead of the deal Daniel Zhang, Alibaba Group Chairman and Chief Executive Officer, offered some perspective on the decision to list in Hong Kong.
When Alibaba Group went public in 2014, we missed out on Hong Kong with regret. Hong Kong is one of the world’s most important financial centers. Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright. We hope we can contribute, in our small way, and participate in the future of Hong Kong.
Thank you once again for supporting and participating in Alibaba’s development. We have a saying at Alibaba: “Believing is seeing,” and the future belongs to those who “believe in belief.” Alibaba will continue to persevere!
FOX Business' Susan Li contributed to this report.
*This story has been updated to include the offer price disclosed on 11-20-19.