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Alibaba Hong Kong Shares Fall Over 10% on Aug 24 Amid HK$80B Secondary Offering

GateNews
Stocks
INTC0.27%

According to Bitget, Alibaba Hong Kong-listed shares fell over 10% on August 24, hitting a one-month low.

The decline came after Alibaba announced a secondary offering of HK$80 billion (approximately US$10.2 billion) in new shares on Sunday. The company stated this transaction will be the largest follow-on offering by a Hong Kong-listed company on record and the largest Regulation S stock issuance (covering securities offerings outside the United States) ever recorded. It ranks as the third-largest global follow-on equity offering this year, after similar offerings by Alphabet and Intel.

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