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Alibaba's Hong Kong listing set to draw more Chinese offerings

Beijing 'wants to show business goes on' despite protests with $13bn stock sale

Alibaba's planned Hong Kong listing is set to be the biggest of the year at nearly $13 billion.   © Reuters

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.

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