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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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Alibaba plans stock split ahead of HK share sale

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06/17/2019 | 01:00pm EDT

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, July 20, 2018. (PHOTO PROVIDED TO CHINA DAILY)

Chinese mainland e-commerce giant Alibaba Group Holdings proposed a one-to-eight stock split on Monday to help its fundraising effort ahead of an expected initial public offering in Hong Kongthat could raise US$20 billion.

Alibaba is reported to have confidentially filed for the Hong Kong share sale, which is expected to be the city’s biggest stock sale since 2010

Under the plan, the Hangzhou-based behemoth’s existing number of ordinary shares – at 4 billion -- would be increased to 32 billion.

Shareholders will vote on the proposal at the group’s annual general meeting in Hong Kong on July 15 and, if approved, the share split would take effect no later than July 15 next year, Alibaba said in a statement.

The group is reported to have confidentially filed for the Hong Kong share sale, which is expected to be the city’s biggest stock sale since 2010.

Charles Li Xiaojia -- chief executive of Hong Kong Exchanges and Clearing -- did not respond to Alibaba’s reported secondary listing in the SAR on Friday.

“The board of directors is proposing the share subdivision to increase the company’s flexibility in future capital market activities,” Alibaba said.

The statement added that the stock split could help with the issuance of new shares -- a move commonly taken by companies prior to new shares being issued.

As the number of shares increase, the price per share will decline, potentially attracting new investors, while a stock split could boost market confidence for the company.

READ MORE: Hong Kong'sAlibaba craze may finally pay off with mega-deal

Alibaba shares closed at US$158.10 on Friday -- 2.325 times its price of US$68 per share -- when the group went public in New York in 2014.

edithlu@chinadailyhk.com

(c) 2019 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 0.11% 172.99 Delayed Quote.26.21%
HONG KONG EXCHANGES AND CLEARING LIMITED 0.15% 273.4 End-of-day quote.19.60%
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Financials (HKD)
Sales 2019 17 293 M
EBIT 2019 12 166 M
Net income 2019 10 444 M
Finance 2019 13 766 M
Yield 2019 2,69%
P/E ratio 2019 33,0x
P/E ratio 2020 28,5x
EV / Sales2019 19,0x
EV / Sales2020 13,7x
Capitalization 343 B
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Technical analysis trends HONG KONG EXCHANGES AND CL
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 17
Average target price 299,23  HKD
Last Close Price 273,40  HKD
Spread / Highest target 26,6%
Spread / Average Target 9,45%
Spread / Lowest Target -12,9%
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Managers
NameTitle
Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer