This Nov 24, 2018 photo shows the logo of Chinese e-commerce giant Alibaba Group at Yunqi Cloud Town in Hangzhou, eastern Chinese province of Zhejiang. (PHOTO / IC)
Alibaba Group Holding Ltd plans a one-to-eight share split, as the e-commerce giant prepares for a stock sale that could be Hong Kong’s largest since 2010.
If approved, the split should take place no later than July 2020
Alibaba is proposing to increase the number of ordinary shares eight-fold to 32 billion, it said in a statement. The proposal will be discussed and put to a vote at its annual general meeting in Hong Kong on July 15. If approved, the split should take place no later than July 2020.
INFORGRAPHIC: Homecoming IPO
Alibaba is said to have filed for a listing in Hong Kong last week via a confidential exchange application. That sale of stock, which could raise as much as US$20 billion, replenishes the online retailer’s war-chest and helps it attract investors closer to home as trade tensions between China and the US escalate.
In the Hong Kong offering, the company will seek to preserve its governance system, where a partnership of top executives has rights including the ability to nominate a majority of board members, a person familiar with the matter has said.
It’s possible also that the company may not need to seek a waiver, as the city’s listing rules allow some Chinese issuers who have already listed on an established international bourse to keep their existing structures in a secondary listing.
ALSO READ: Alibaba said to pick CICC, Credit Suisse to lead HK offer
Copyright 1995 - 2024. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
CHINA DAILY HONG KONG NEWS |
OPEN |