Alibaba has kick-started the sale of 500 million shares as part of the Chinese retail group’s plan to raise HK$100bn (£10bn) through a Hong Kong listing.
The move, which represents the biggest share sale by any company in 2019, will help Alibaba “to innovate and invest for the long term”, the etail titan said.
The initial batch of 500 million shares will start trading on the Hong Kong stock exchange next week at a small discount to its New York-listed shares. Those are currently worth $185 a share, valuing Alibaba at $483bn.
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