The China-based ecommerce business Alibaba has raised around USD 11 billion in a share offering in Hong Kong, as per The Seattle Times news.
The company’s shares are due to begin trading on November, 26 2019.
Alibaba already has a significant cash pile of more than USD 30 billion, but analysts said it’s riding the momentum from recent strong earnings, including the USD 38.4 billion in “Singles Day” sales on November, 11, up 26% from 2018.
The company said it wants to use the proceeds from the share sale for strategies to expand its users, help businesses with “digital transformation, and continue to innovate and invest for the long term.”
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