Alibaba proposes one-to-eight stock split ahead of up to $20-billion Hong Kong listing GlobeBusiness
China’s Alibaba Group Holding has proposed a one-to-eight stock split ahead of a listing in Hong Kong later this year that is expected to raise up to $20-billion.
The split, to be presented to shareholders for a vote at an annual general meeting in Hong Kong on July 15, will increase flexibility in the firm’s capital raising activities, including the issuance of new shares, the e-commerce giant said. The firm’s board recommends shareholders to vote in favour of the proposal, it added in its statement dated Friday but published on the company’s website on Monday.“The ... subdivision will increase the number of shares available for issuance at a lower per share price,” it added.
Alibaba has filed confidentially for a Hong Kong listing, a person familiar with the matter told Reuters earlier this month. Alibaba has also proposed to change the ratio of ordinary shares to American Depositary Shares to eight ordinary shares representing one ADS to neutralize the impact of share split on its ADS listed in the U.S. market.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience.
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