Alibaba will stop taking orders from prospective institutional investors for its $13.4 billion secondary listing in Hong Kong earlier than expected after attracting strong demand, two people with direct knowledge of the matter said.
Order books will now close on Tuesday at 12 p.m. in New York (1700 GMT), half a day earlier than initially planned by the Chinese e-commerce giant and its investment banking advisers.
The decision was made by the company on Monday, the sources said. The final price that institutional investors will pay will still be set by Wednesday evening Hong Kong time, based on Tuesday’s closing price in New York, they added.
The sources, who could not be named because the information has not yet been made public, also told Reuters that the order books are covered ‘multiple times’.
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