FILE PHOTO: The Alibaba group logo is seen at the high profile startups and high tech leaders gathering, Viva Tech, in Paris, France, May 16, 2019. REUTERS/Charles Platiau
BEIJING (Reuters) – Alibaba Group Holding has proposed a one-to-eight stock split for a vote at the upcoming annual general meeting of shareholders in Hong Kong on July 15, it said in a statement.
The statement, dated Friday but published on the firm’s website on Monday, said the split will increase flexibility in the firm’s capital raising activities and that the firm’s board recommends shareholders to vote in favor of the proposal.
The e-commerce giant has filed confidentially for a Hong Kong listing that could raise up to $20 billion, a person familiar with the matter told Reuters earlier this month.
Reporting by Beijing Monitoring Desk; Editing by Himani Sarkar