HONG KONG (Reuters) – Alibaba (BABA.N) will close its order books early to prospective institutional investors as part of its $13.4 billion secondary listing in Hong Kong, according to two people with direct knowledge of the matter.
Books will now be shut at 12 p.m. EST Tuesday in New York which is a half 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, and the final price will still be set by Wednesday evening, Hong Kong time, according to the sources.
Alibaba’s closing price on Tuesday in New York will be used to set the final price that institutional investors will pay for the Hong Kong listed stocks.
Alibaba’s listing comes amid Hong Kong anti-government protests which turned increasingly violent on the weekend.
(The story corrects to say that Alibaba Hong Kong stock will be priced off Tuesday’s New York close not Monday’s in fourth paragraph)
Reporting by Scott Murdoch; editing by Jason Neely