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Alibaba Eyes $12.9-Billion Hong Kong IPO After Setting Price: Reports

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Chinese online retail titan Alibaba could raise almost $13 billion (roughly Rs. 93,000 crores) in Hong Kong’s biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Asia’s biggest company has called the listing a multi-billion-dollar vote of confidence in the city’s markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession.

Alibaba will sell 500 million shares to investors at HKD 176, according to Bloomberg News, below the maximum HKD 188 of its indicative price range. The number eight is considered auspicious in China.

That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HKD 101.2 billion ($12.9 billion), the South China Morning Post said.

Even at the low end, the listing would still be Hong Kong’s largest initial public offering since insurance giant AIA raised $20.5 billion in 2010.

The company had planned to list in the summer but called it off owing to the city’s long-running pro-democracy protests and the China-US trade war.

The firm’s shares are already traded in New York. A second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street.

Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July.

The listing comes after the city’s exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba’s billionaire founder Jack Ma to sell shares in the city.



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Oculus is getting Facebook ads in VR: Here’s what they look like

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Facebook is adding adverts to Oculus Quest, revealing today that it’s testing in-headset ads in a handful of virtual reality titles. It’s an announcement that many predicted would one day happen, after Facebook acquired Oculus in early 2014, though until now the social networking behemoth had seemed content to leave its promotional campaigns to its smartphone and desktop interfaces. No … Continue reading

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Tim Cook slams sideloading law idea: Not in “best interest” of iPhone users

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Apple CEO Tim Cook has spoken out against proposed tech regulation that would leave iPhone owners able to install apps from outside of the App Store, as the Cupertino firm comes under increasing pressure around its vice grip on smartphone software. The proposed law, known as DMA, would force companies with big platforms – like Apple, Amazon, and Google – … Continue reading

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OnePlus and OPPO are merging: Here’s what that means

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OnePlus and OPPO are merging their R&D teams, and bringing the two companies closer together as OnePlus co-founder and CEO confirms that the phone-makers will now “further integrate.” OnePlus will continue to operate as a separate brand, Lau insists, though it’s expected that the new organizational setup will be a shortcut to more cost-effective development. “As many of you know, … Continue reading

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