BEIJING, Nov. 11 (Upi) — Alibaba Group has added Citigroup, JPMorgan Chase and Morgan Stanley to its Hong Kong-listed sales queue, while inviting several Chinese banks to accept investor subscriptions on Friday and to price the offering next Wednesday (November 20), according to foreign media reports.
According to Bloomberg, Alibaba’s listing in Hong Kong involved at least four Chinese state-owned investment banks, namely Agricultural Bank International, CCB International, ICBC International and BANK of China International, and has been invited to take on junior roles. Earlier, it was reported that Credit Suisse And CICC led the arrangement for Alibaba’s Hong Kong share offering.
Alibaba could raise up to $15bn this time, but the timing and size of the offering could change depending on market conditions, people familiar with the matter said. In addition, Alibaba is likely to invest the proceeds of the crowd-funding in new technologies such as artificial intelligence or fast-expanding affiliates such as Ant Gold.
Alibaba announced on Friday that it would invest Rmb23.3bn in its logistics-related network, the rookie network, and increase its stake from about 51 per cent to about 63 per cent. Alibaba said the investment would be used to subscribe for the newly issued common stock of Rookie in the latest round of financing and to buy some stakes from the rookie’s existing shareholders.