HONG KONG -- Alibaba Group Holding is set to raise as much as $12.9 billion in an oversubscribed share offering that is expected to draw more Chinese companies to list in Hong Kong, thereby boosting the city's status as a global financial hub despite more than five months of violent anti-government protests.
In the world's largest equity raising so far this year, Asia's most valuable company priced its new shares at 176 Hong Kong dollars ($22.48) each. That represents a 2.9% discount to the closing price of Alibaba's shares in New York on Tuesday.
