Alibaba braves political unrest, raises $11 bn in biggest Hong Kong listing

Alibaba Group Holding Ltd. raised about $11 billion in a long-awaited Hong Kong stock sale, braving the worsening political unrest gripping the city and potentially gaining favor in Beijing.

China’s biggest e-commerce company said on Wednesday it has priced the shares at HK$176 each, a small discount to the last close of its American depositary shares in New York. The offering was covered multiple times and more shares were allocated to individual investors due to strong demand, according to people with knowledge of the matter.

Pulling off the sale in the midst of unprecedented civil unrest in Hong Kong is a coup for Chief Executive Officer Daniel Zhang. It could swell Alibaba’s cash pile to about $44 billion, more than any other internet company and roughly double that of arch-rival Tencent Holdings Ltd.