Alibaba wins exchange's approval for Hong Kong listing

Hong Kong: Alibaba Group plans to offer about 500 million shares in its Hong Kong listing, a person with knowledge of the matter said, setting the tech giant up to potentially raise more than $11 billion.

The base offering could raise $11.7 billion based on Alibaba’s last close in New York, though it wasn't clear if the company would market the deal at a discount to its US stock price.

Alibaba confirmed on Wednesday it had filed a listing application with the Hong Kong exchange. Alibaba’s American depositary shares, which represent 8 ordinary shares of the internet company, rose 0.1% to $186.97 in US trading Tuesday. Terms of the share sale haven't been finalized and could still change before the offering launches, the person said.