Alibaba's Hong Kong stock fell over 10% after announcing plans to place 80 billion Hong Kong dollars in new shares

On August 24, according to Gate market data, Hong Kong stock Alibaba fell more than 10%, with its stock price hitting a new low in nearly a month.

Previously, it was reported that Alibaba announced plans to place new shares in Hong Kong. The company stated that the total amount of this placement is HKD 80 billion (USD 10.2 billion). This transaction will become the largest primary follow-on offering in the history of Hong Kong-listed companies and the largest Regulation S stock issuance on record (for securities issued and sold outside the United States), and it is also the third largest primary follow-on stock issuance globally this year, following Alphabet and Intel.