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Alibaba raises $12.9 billion in Hong Kong listing

Fox Business Staff Report

E-commerce giant Alibaba is returning to its roots with a bang — a nearly $13 billion bang.

The company priced its secondary listing at HK$176 in what is the biggest for Hong Kong in almost a decade, this translates to $180 per American Depository Shares.

Shares will begin trading on the Hong Kong Exchange on No. 26.

Earlier Tuesday, FOX Business learned the deal, due to high demand from institutional and retail investors, closed early after being "oversubscribed."

The offering will allow the company to expand its investor base, tap new pools of capital in the Asia region and give investors nearly 24-hour trading of the shares.

In 2014, Alibaba, under the direction of CEO Jack Ma, first listed its shares on the New York Stock Exchange in a deal valued at $25 billion, which at the time was the largest ever.

Ahead of the deal Daniel Zhang, Alibaba Group Chairman and Chief Executive Officer, offered some perspective on the decision to list in Hong Kong.

FOX Business' Susan Li contributed to this report. 

*This story has been updated to include the offer price disclosed on 11-20-19.

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