Alibaba Hong Kong share issue sees huge investor interest

Alibaba Group Holding Ltd said its Hong Kong share issue was oversubscribed multiple times thanks to massive investor interest, ahead of its listing in what could be the world's largest initial public offering in 2019 so far on Tuesday.

In a statement to the Hong Kong Exchanges and Clearing Ltd on Monday, the e-commerce giant said a total of 215,598 valid applications have been received pursuant to the Hong Kong public offering for roughly 530 million Hong Kong offer shares.

This translates into"42.44 times of the total number of 12.5 million Hong Kong offer shares initially available for subscription", it said.