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.