24 September 2014

King & Wood Mallesons advises on Alibaba’s IPO and listing on the NYSE

King & Wood Mallesons advised the lead underwriters for Alibaba Group Holding Ltd. (Alibaba) on its listing on the New York Stock Exchange (NYSE) on 19 September 2014. In this IPO, Alibaba sold more than 320 million American Depository Shares (ADS) at the price of US$68 per ADS, raising approximately US$21.8 billion from the offering. After the underwriters exercised its overallotment option to purchase 15% additional shares on September 22, the total number of shares offered by Alibaba increased to 368.122 million and the total amount of offering proceeds reached US$25.03 billion, which made Alibaba's IPO the world's largest IPO in history.

Alibaba is an international internet company based in China, operating a leading wholesale and retail platform with numerous internet-based businesses including cloud-based computing, network services and mobile solutions businesses. Currently, Alibaba occupies an approximately 80% market share in the Chinese e-commerce market. Relying on international talent, a strategic vision and an effective development strategy, Alibaba has become a global leader in the mobile e-commerce business. Alibaba's listing on the NYSE has attracted investors' focus from all over the world since the roadshow in the US commencing on 9 September. Immediately after the listing, Alibaba's share value has rocketed following a very positive response from the market. In the first trading day, shares increased in value by 38.07%, closing at US$93.89. Through this successful listing, Alibaba demonstrates its leading position and strong development momentum in the e-commerce industry.

King & Wood Mallesons acted as the PRC legal counsel for the six lead underwriters, advising on PRC law due diligence, prospectus disclosure, the preparation of  response letters to the SEC's comments as well as the delivery of the PRC legal opinion. KWM's role on this transaction demonstrated the King & Wood Mallesons team's strong capital markets practice capability.

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