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TOP STORIES to raise HK$31.4 bn by listing in Hong Kong Hong Kong

The ecommerce giant will be offering 133 mn shares at a maximum price of HK$236 each

China-based ecommerce giant is planning to raise around HK$31.4 billion by listing on the Hong Kong stock exchange, the media reported. will be offering 133 million shares at a maximum price of KH$236 per share.

According to, it will use the funds raised in its Hong Kong IPO to enhance its supply chain and will also invest in retail technologies such as inventory management and personalised advertising. is expected to announce the final price for its offering on Thursday. The company aims to begin trading on June 18, the day of its annual shopping bonanza.

Last month, revealed that it was keen to grow orders of household products such as staples and fresh produce, a category that analysts say encourages repeat purchases and boosts customer loyalty.

Recently, the Beijing-headquartered company reported strong growth momentum, thanks to its in-house logistics service that was up and running relatively early during the coronavirus outbreak.

The listing comes at a time when tension escalates between the US and China. Last month, Nasdaq revealed the introduction of rules that prevents smaller Chinese firms listing on the stock exchange.

The new rules will require companies from select countries, including China, to raise $25 million in their IPO or at least a quarter of their post-listing market capitalisation.

This move is anticipated to stop many Chinese companies from going public on Nasdaq. This is also the first time ever Nasdaq is putting a cap on the minimum value of its IPO.

Last year, another Chinese ecommerce giant Alibaba listed its shares on the Hong Kong stock exchange.

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