Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Alibaba Shares Attract High Gray-Market Bids as Hong Kong First Trading Day Looms

By Bloomberg / Nov 22, 2019 12:19 PM / Business & Tech

Photo: VCG

Photo: VCG

(Bloomberg) — Alibaba Group Holding’s Hong Kong debut is already off to a decent start before the shares officially begin trading next week.

Some institutional investors saw bids for the shares as high as HK$182 ($23.26) on Friday in gray-market trading, according to two people familiar with the matter. That’s 3.4% above the issue price of HK$176. While there was selling interest at that price, there were no firm offers, one of the people said. The lowest bids were for HK$177.

It bodes well for the stock’s first day of trading on Nov. 26, showing demand to own a slice of the Chinese e-commerce company remains strong despite the uncertain outlook for Hong Kong’s equity market. Asia’s most valuable firm, which has traded in the U.S. since 2014, raised about $11 billion in a long-awaited Hong Kong stock sale, braving the worsening political unrest gripping the city.

Alibaba’s shares carry unequal voting rights, which was one of the reasons Hong Kong lost out to New York in 2014 for the company’s initial public offering. The first company to sell shares with a dual-class structure in Hong Kong was Xiaomi in 2018. Its debut was not so successful.

Related: Alibaba Closes Books Early for Hong Kong Listing Amid Strong Demand

Share this article
Open WeChat and scan the QR code