In the News: Alibaba Raises $13 Billion; MSCI Issues Reform Demands; and Trump Signs Hong Kong Act
December 02, 2019 | BY
Vincent ChowAlibaba raises $13 billion in Hong Kong secondary listing; MSCI wants more hedging tools and easier settlement cycles before further stock inclusion; Trump signs Hong Kong democracy act in trade war setback
Alibaba's Hong Kong listing the world's largest in 2019
Alibaba had a successful secondary listing in Hong Kong with its shares closing up 6.6% in the world's biggest stock offering so far this year. The Chinese e-commerce giant's shares closed at HK$187.60 ($24) on its Hong Kong debut on Nov. 26, a 6.6% gain on the issuance price, raising almost $13 billion for the group with a market valuation of around $500 billion. It joins four other companies with a trillion-Hong-Kong-dollar capitalisation in the Hong Kong bourse: Tencent Holdings, HSBC, China Mobile and China Construction Bank.
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