Alibaba plans 1:8 share split ahead of HK float

SHANGHAI - Alibaba Group Holding Ltd is planning a one-to-eight share split as the e-commerce giant prepares for a stock sale that could be Hong Kong's largest since 2010, Bloomberg reported on Tuesday.

The company is proposing to increase the number of ordinary shares eightfold to 32 billion, it said in a statement. The proposal will be discussed and put to a vote at its annual general meeting in Hong Kong on July 15. If approved, the split should take effect no later than July 2020.

Alibaba is said to have filed for a listing in Hong Kong last week via a confidential exchange application. That sale of stock, which could raise as much as $20 billion, will replenish the online retailer's war-chest and help it attract investors closer to home.