Alibaba priced its forthcoming flotation on the Hong Kong stock exchange at HK$176 ($22.49) a share, which could see it raise up to $12.9bn if all the options are taken up. The Chinese e-commerce giant is already listed in New York. It had wanted to undertake a secondary listing in Hong Kong earlier this year, before the city plunged into political turmoil. Taking no chances, Alibaba’s Hong Kong stock code will be 9988, numbers that symbolise enduring fortune in China.
Scaling back its IPO, the indicative price at which Saudi Aramco is to sell shares on the Riyadh exchange valued it at up to $1.7trn. That is short of the $2trn that Muhammad bin Salman, Saudi Arabia’s de facto ruler, had wanted. The state-owned oil firm could raise up to $25.6bn, below the $100bn it had once hoped for, but still pipping Alibaba’s record IPO, set in New York in 2014. Aramco is selling 1.5% of the company: 0.5% to retail investors in the kingdom and 1% to regional funds and institutions; it has scaled back plans to drum up investors outside the Gulf. The shares are expected to start trading in December.
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