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        Alibaba launches Hong Kong IPO plan


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According to the investment term sheet seen by Reuters, the stock will start trading in Hong Kong on November 26.
Alibaba announced its prospectus during trading hours in New York on Wednesday, and began accepting subscriptions from institutional investors.
According to the 661 page draft prospectus, Alibaba plans to use the funds raised to invest in online food ordering platforms and travel service platforms. The deal is expected to become the world's largest cross-border second listing.
The company will also invest more in developing Youku, which Alibaba says is one of China's leading online video service platforms.
Alibaba's Hong Kong share issue has boosted the city. The deal is expected to be the largest in more than nine years.
Hong Kong has fallen into its first recession in 10 years, dragged down by more than five months of street protests and worries about a US China trade war.
Cumulative bids for institutional investors will last for a week and pricing will take place on or around November 20, according to two people with direct knowledge.
The highest offering price for retail investors will be announced next week, one of the people said.
These people can't be named because the information hasn't been made public.
Alibaba also intends to increase its investment in cloud computing and machine learning, the prospectus said.


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