Biz Scene: Grapevine

$1.5b for Alibaba

Alibaba.com Ltd raised $1.5 billion in the biggest initial stock sale by a Chinese Internet company after investors sought more than 180 times the number of shares on offer, Bloomberg reported, citing sources.

The Hangzhou-based operator of China's largest trading website for companies and parent Alibaba.com Corp sold 858.9 million shares, or a 17 percent stake, at HK$13.50 apiece in Hong Kong, said the sources, declining to be identified before an official statement. The stock sale values Alibaba at about $8.8 billion.

Property IPO

Zhong An Real Estate Ltd, aiming to become the largest listed developer of property in Hangzhou, may raise a higher-than-expected HK$3.6 billion from a Hong Kong initial public offering, according to Bloomberg.

The company will sell 543 million new shares at HK$5 to HK$6.67 a share, sources said. The upper end of the range was raised from HK$6.25, they said.

The new range values the company at as much as 15.9 times its estimated 2008 earnings or HK$13.3 billion, said Bloomberg.

(China Daily 10/30/2007 page15)