27 November 2019

Listing of Alibaba on Main Board of Hong Kong Stock Exchange

On 26 November 2019, Alibaba Group Holding Limited (“Alibaba”, 09988.HK) was listed on the main board of the Hong Kong Stock Exchange, and became the first Chinese Internet company listed on both the United States and Hong Kong, China. Alibaba raised HK$ 88 billion offering proceeds (before deducting the underwriting fees and offering expenses) by issuing 500 million ordinary shares (before over-allotment option) at HK$ 176 per share in this global offering. Alibaba’s global offering is by far the world’s largest new share offering in 2019.

Alibaba’s businesses are comprised of core commerce, cloud computing, digital media and entertainment, and innovation initiatives. Alibaba, the largest retail commerce business in the world in terms of GMV, is the operator of Taobao Marketplace, China’s largest mobile commerce destination, and Tmall, the world’s largest third-party online and mobile commerce platform for brands and retailers.

The proceeds from the global offering will be used for the implementation of Alibaba’s strategies of driving user growth and engagement, empowering businesses to facilitate digital transformation and improving operational efficiency, and continuing to innovate. China International Capital Corporation Hong Kong Securities Limited and Credit Suisse (Hong Kong) Limited are the joint sponsors and joint global coordinators for the global offering. Citigroup Global Markets Asia Limited., J.P. Morgan Securities (Asia Pacific) Limited and Morgan Stanley Asia Limited are the joint global coordinators.

King & Wood Mallesons (KWM) acted as the PRC legal adviser to the joint sponsors. The KWM team participated in the PRC legal due diligence and business due diligence, conducted review and amendment of the offering documents and undertook other important tasks in Alibaba’s global offering. This is another milestone project for KWM after advising the lead underwriters on Alibaba’s listing on the New York Stock Exchange in 2014.

This project was led by partners Yang Xiaolei and Jiang Zhihui.

Media contact

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    KWM is continuing to expand in the US with the appointment of a Dispute Resolution team of 3 partners, 6 senior counsel and 1 paralegal.

    17 January 2020

    On December 24, 2019, the Supreme People’s Court (“SPC”) rejected a petition for retrial filed by China National Intellectual Property Administration (“CNIPA”) in its ruling over the administrative...

    16 January 2020

    In January 2020, King & Wood Mallesons (“KWM”) welcomes Mr. Ren Zhanjiang and Mr. Cai Haidong to join KWM Shandong office with their team.

    13 January 2020

    On 10 December 2019, Postal Savings Bank of China Co., Ltd. (“PSBC”) successfully made its debut on the Shanghai Stock Exchange (stock code: 601658)

    13 December 2019

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.