#Alibaba stock hong kong code#

The company, which was founded in 1999, spans online payments, cloud computing, music streaming, instant messaging and the South China Morning Post news organisation. It sold shares then at $68 and they now change hands at $185, valuing the company at $483bn. Alibaba still holds the record for the largest initial public offering after raising $25bn through its New York stock market debut in 2014. It is the e-commerce company’s second big stock market listing. We hope we can contribute in our small way, and participate in the future of Hong Kong.”

The chairman and chief executive, Daniel Zhang, said last week: “We continue to believe the future of Hong Kong remains bright. “The advantage for Alibaba is twofold: it can diversify its shareholder base during the US-China trade war and it can command a high price, in part because investors in Hong Kong are clamouring for something positive amid the protests.”Īlibaba has said it has confidence in Hong Kong’s future. “The company has huge cash stockpiles so doesn’t need to raise the funds in Hong Kong. Jasper Lawler, the head of research at London Capital Group, said the decision to list in Hong Kong was strategic. However, Alibaba’s Hong Kong listing is still set to be the largest share offering across global markets in 2019, with banks including Credit Suisse, Citigroup, and JP Morgan likely to pocket large fees for working on the deal.

The e-commerce firm originally hoped to raise up to $20bn when it filed for the listing in June but its plans were put on hold as clashes between police and pro-democracy protesters escalated.

#Alibaba stock hong kong code#

The initial batch of shares will start trading on the Hong Kong stock exchange next week, under the share code 9988 – numbers that are considered auspicious in Chinese culture and represent eternal prosperity. The company has priced its shares at a small discount to its New York-listed shares to pull in investors. It means Alibaba will raise between HK£88bn and HK$101bn, before underwriting fees and other expenses. Alibaba, China’s biggest publicly listed company, is selling 500m shares, but will offer investors an extra 75m shares if there is substantial demand.