Original title:AlibabaDisclose the prospectus and go public in Hong Kong

According to Lei Feng Network, on November 13, 2019, Alibaba sentHong Kong Stock ExchangeA listing disclosure prospectus was submitted, and the Hong Kong IPO plan was officially launched.

The specific issuance plan has not been disclosed in the current prospectus. However, according to previous media reports, Alibaba Group plans to issue 500 million common shares and over-allotment rights that can issue up to 75 million additional new shares of common stock. Prices are expected to be set as early as November 20. The amount of capital raised by the company may be between US$10-15 billion, and the pricing range is calculated at a 4% discount on the US stock price, which is around US$180 per share.

Although the specific issuance plan has not yet been disclosed, Alibaba disclosed its shareholding structure in the prospectus. Among them,SoftbankIt holds 25.8% of the shares, Jack Ma holds 6.1% of the shares, Cai Chongxin holds 2.0% of the shares, other directors and senior management hold a total of 0.9%, and other public shareholders hold 65.2% of the shares.

In addition, Alibaba also discussed the company's partnership system in its prospectus. According to the prospectus, in July 2010, Alibaba formally established the Alibaba Partnership Organization, which currently has 38 members.

According to the disclosure, the members of the organization have only a single category of shares, and each share corresponds to one voting right. However, according to the “Articles of Association”, Alibaba Partners has the exclusive right to nominate (or in limited circumstances) a simple majority of members of the board of directors. These rights are classified as different voting rights structures under the “Hong Kong Listing Rules”, so Alibaba is viewed as a company with a different stock rights structure.

Regarding the use of the funds raised in this IPO, Alibaba said it is mainly used to drive user growth and increase participation. It will continue to expand and provide a wide range of products and services in Alibaba's digital economy, and continue to create digital media and entertainment services through Youku, China's leading online video platform, and a range of other distribution and content platforms.

At the same time, Alibaba also mentioned that it will continue to implement new retail businesses, and will continue to invest in cloud computing technology, supply chain management systems, and marketing systems to this end.