Chinese e-commerce giant Alibaba Group Holding Ltd. started listing on the main board of Hong Kong stock exchange on Friday.
The e-commerce giant will issue 12.5 million new shares at a price no higher than 188 Hong Kong dollars (about 24 U.S. dollars) per share. Its international offering of 487.5 million shares will be priced on Wednesday.
It will become another Hong Kong-listed company that has weighted voting rights structures, following smartphone maker Xiaomi and group buying website Meituan Dianping.
Shares of Alibaba are expected to be included in the Stock Connect, a program that allows investors from the Chinese mainland and Hong Kong to invest in the market of the other side.
Alibaba CEO Zhang Yong said the encouraging reforms took place in Hong Kong’s capital market in recent years, and the company still believes in the bright future of Hong Kong and hopes to participate in its development.
The year 2019 marked the 20th anniversary of Alibaba. The company has announced its global strategy for the next five years and expects more than 1 billion Chinese consumers will drive consumption of 10 trillion yuan (1.43 trillion U.S. dollars).