Alibaba Group Holding Limited (NYSE: BABA) (“Alibaba” or “the
Company”) today announced the launch of its Hong Kong public
offering (the “Public Retail Offering”), which forms part of the
global offering (the “Offering”) of 500,000,000 new ordinary shares
(the “Shares”) and listing of its ordinary shares on the Main Board
of The Stock Exchange of Hong Kong Limited (the “SEHK”) under the
stock code “9988.”
The Company’s American depositary shares (“ADSs”), each
representing eight ordinary shares of the Company, will continue to
be listed and traded on the New York Stock Exchange (“NYSE”). Upon
listing in Hong Kong, the Hong Kong-listed shares will be fully
fungible with the ADSs listed on the NYSE.
“Alibaba is guided by our mission to make it easy to do business
anywhere with the vision to be a good company that lasts for 102
years. We aim to serve global consumers, of which more than 1
billion will be Chinese consumers, and facilitate more than RMB10
trillion of consumption on our platform within the next five years
by continuing to pursue our three strategic pillars of
globalization, domestic consumption and big data powered by cloud
computing,” said Daniel Zhang, Alibaba Group Chairman and Chief
Executive Officer. “Hong Kong is one of the world’s most important
financial centers and we are grateful for the opportunity to
participate in the future of Hong Kong.”
The listing in Hong Kong will allow more of the Company’s users
and stakeholders in the Alibaba digital economy across Asia to
invest and participate in Alibaba’s growth. In addition to
expanding the Company’s overall investor base, the Offering will
tap into substantial new capital pools in Asia and create a nearly
round-the-clock market for global investors to trade Alibaba
shares.
The Offering initially comprises 12,500,000 new Shares under the
Public Retail Offering and 487,500,000 new Shares for subscription
globally (the “International Offering”). Subject to the level of
any oversubscription in the Public Retail Offering and pursuant to
the clawback mechanism as described in the prospectus issued in
Hong Kong, the total number of shares available under the Public
Retail Offering could be adjusted to up to a maximum of 50,000,000
new Shares, representing 10.0% of total Shares initially available
under the Offering. In addition, the Company expects to grant the
international underwriters an over-allotment option to purchase up
to an additional 75,000,000 new Shares.
The offer price for the Public Retail Offering (the “Public
Retail Offer Price”) will be no more than HK$188.00 per share (the
“Maximum Public Retail Offer Price”). The offer price for the
international offering tranche of the Offering (the “International
Offer Price”) may be set higher than the Maximum Public Retail
Offer Price. The Company will set the International Offer Price by
November 20, 2019 Hong Kong time by taking into consideration,
among other factors, the closing price of the ADSs on the NYSE on
or before the last trading date and investor demand during the
marketing process. The final Public Retail Offer Price will be set
at the lower of the final International Offer Price and the Maximum
Public Retail Offer Price of HK$188.00 per share. Shares will be
traded in board lots of 100 shares each.
The Company plans to use the proceeds from the Offering for the
implementation of its strategies of driving user growth and
engagement, empowering businesses to facilitate digital
transformation, and continuing to innovate and invest for the long
term.
*****
Fully Electronic Application Process for the Public Retail
Offering
Alibaba has decided to use a fully electronic application
process for the Public Retail Offering, with no printed
prospectuses or application forms. A fully electronic application
process is consistent with the way in which the Company’s customers
and digital economy participants conduct their transactions with
each other and the Company. As a company that aspires to last for
102 years, Alibaba is very focused on the health of our planet. The
Company believes it has a responsibility to minimize its carbon
footprint and the environmental impact in the Offering. The
prospectus is available at the website of the Hong Kong Stock
Exchange at www.hkexnews.hk and the Company’s website at
www.alibabagroup.com.
The Company encourages applicants for the Public Retail Offering
in Hong Kong to view its prospectus and apply online through the
White Form eIPO service at www.eipo.com.hk, or through the CCASS
EIPO service (directly or through their brokers or custodians). The
Public Retail Offering will commence at 9:00 a.m. Friday, November
15, 2019 Hong Kong time and will close at 12:00 noon on Wednesday,
November 20, 2019 Hong Kong time.
Potential applicants may call the enquiry hotline of
Computershare Hong Kong Investor Services Limited if they have any
question about making applications in the Public Retail Offering.
The hotline number is +852 3426 9988, and will be open from 9:00
a.m. to 9:00 p.m. on Friday, November 15, 2019, Monday, November
18, 2019 and Tuesday, November 19, 2019, from 9:00 a.m. to 6:00
p.m. on Saturday, November 16, 2019 and Sunday, November 17, 2019
and from 9:00 a.m. to 12:00 noon on Wednesday, November 20, 2019
Hong Kong time.
*****
China International Capital Corporation Hong Kong Securities
Limited and Credit Suisse (Hong Kong) Limited (in alphabetical
order) are the joint sponsors and joint global coordinators for the
proposed Offering. Citigroup Global Markets Asia Limited, J.P.
Morgan Securities (Asia Pacific) Limited and Morgan Stanley Asia
Limited are also acting as joint global coordinators.
The proposed Offering is subject to market and other conditions,
and there can be no assurance as to whether or when the Offering
may be completed, or as to the actual size or terms of the
Offering. This press release shall not constitute an offer to sell
or the solicitation of an offer or an invitation to buy any
securities of the Company, nor shall there be any offer or sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction. Any public offering of securities to
be made in the United States will be made by means of a prospectus
that may be obtained from the Company and that will contain
detailed information about the Company and management, as well as
financial statements. The Company intends to register the proposed
offering in the United States pursuant to an automatically
effective shelf registration statement and accompanying prospectus
that have been or will be filed with the SEC.
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business
anywhere. The company aims to build the future infrastructure of
commerce. It envisions that its customers will meet, work and live
at Alibaba, and that it will be a company that lasts for 102
years.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “potential,” “continue,” “ongoing,”
“targets,” “guidance” and similar statements. Statements that are
not historical facts, including statements about the offering and
listing, the use of proceeds and Alibaba’s strategies and goals,
are or contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. There can be no
guarantee that the offering and listing will be completed as
planned, or that the expected benefits from the offering and
listing will be achieved. You should consider the risk factors
included in the registration statement (including any documents
incorporated by reference), prospectus and prospectus supplements
that have been or will be filed with the SEC and the prospectus
registered in Hong Kong. All information provided in this press
release is as of the date of this press release and are based on
assumptions that the Company believes to be reasonable as of this
date, and the Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191114005921/en/
Media Asia Adam Najberg +852 5474 3262
adam.najberg@alibaba-inc.com
Ivy Ke +852 5590 4965 Ivy.ke@alibaba-inc.com
Yin Ai +852 9686 0401 yai@sardverb.com
Jenny Hsu +86 178 5741 1742 jennyhsu@alibaba-inc.com
North America Brion Tingler +1 (917) 528 1992
brion.tingler@alibaba-inc.com
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