Alibaba will stop taking orders from prospective institutional investors for its $13.4 billion secondary listing in Hong Kong earlier than expected after attracting strong demand, two people with direct knowledge of the matter said.
Order books will now close on Tuesday at 12 p.m. in New York (1700 GMT), half a day earlier than initially planned by the Chinese e-commerce giant and its investment banking advisers.
The decision was made by the company on Monday, the sources said. The final price that institutional investors will pay will still be set by Wednesday evening Hong Kong time, based on Tuesday’s closing price in New York, they added.
The sources, who could not be named because the information has not yet been made public, also told Reuters that the order books are covered ‘multiple times’.
Via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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