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Two sources familiar with the situation said that the second listing of Chinese e-commerce giant Alibaba. N in Hong Kong, with a size of US $13.4 billion, attracted strong demand and would stop accepting subscriptions from institutional investors earlier than expected.
The subscription will close on Tuesday at 1700gmt, half a day ahead of the initial plan of the company and its investment banking advisers.
The source said the decision was made by Alibaba on Monday. They also said that the final price paid by institutional investors will still be determined on Wednesday night, Hong Kong time, based on the closing price of New York market on Tuesday.
Alibaba received "multiple" subscriptions, sources told Reuters. As the information has not yet been made public, the sources requested anonymity.
A Alibaba spokesman did not comment on the company's decision to close its subscription early.
According to the prospectus submitted by the company to the New York regulator, alibaba will start listing on the Hong Kong Stock Exchange on November 26, which will hold a listing ceremony.
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