Deals
Alibaba Raises $11 Billion in Hong Kong Market Rocked by Unrest
- Sale could bring Alibaba’s cash pile to about $44 billion
- China has been pushing for companies to list closer to home
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Alibaba Group Holding Ltd. raised about $11 billion in a long-awaited Hong Kong stock sale, braving the worsening political unrest gripping the city and potentially gaining favor in Beijing.
China’s biggest e-commerce company said on Wednesday it has priced the shares at HK$176 each, a small discount to the last close of its American depositary shares in New York. The offering was covered multiple times and more shares were allocated to individual investors due to strong demand, according to people with knowledge of the matter.