Today, Alibaba Group (NYSE: BABA) submitted a preliminary prospectus on the Hong Kong Stock Exchange website, planning to issue 500 million new common shares through a global offering and list on the main board of the Stock Exchange of Hong Kong. The prospectus shows that the shares listed on the main board of the Stock Exchange co-sponsors, namely CICC and Credit Suisse.
The prospectus reveals that as of the last practicable date, SoftBank has about 25.8 per cent of Alibaba Group’s outstanding shares, making it Ali’s largest shareholder. SoftBank will remain its largest shareholder after the global offering is completed.
As of the last practicable date, Jack Ma and Tsai Chongxin own about 6.1 percent of Alibaba Group and about 2.0 percent of the shares that have been issued abroad, according to the prospectus.
According to the prospectus, Alibaba Group directors and senior management, including Jack Ma and Tsai, have a total of about 9.0 per cent of Alibaba Group’s issued shares as of the final practicable date.
It has been disclosed that Alibaba Group’s American Depositary Shares will continue to be listed and traded on the New York Stock Exchange, each of which represents eight common shares. Upon completion of the listing, the Group’s Hong Kong-listed shares and the NYSE-listed U.S. Depositary Shares will be converted to each other. It also means Alibaba Group will become the first Chinese internet company to list both in Hong Kong and New York.