Ali said it will increase the number of shares issued at a lower price per share, which the board believes will increase the flexibility of the company's future fundraising activities, including the issuance of new shares. Alibaba's plan will be voted on at the annual general meeting of shareholders held in Hong Kong on July 15. If approved, the stock split will be held before July 15, 2020.
At the same time, this general meeting also plans to elect four directors, and will approve the appointment of PricewaterhouseCoopers as the independent CPA firm of Alibaba.
A few days ago, Alibaba was exposed to submit a listing application to the Hong Kong Stock Exchange, raising $20 billion, and will choose CICC and Credit Suisse to take the lead in issuing shares in Hong Kong. However, for the news, Ali has repeatedly denied.
In April last year, the Hong Kong Stock Exchange launched a reform of the listing system, reformed the rules for the second listing, and opened its doors to new economic companies that adopted a non-traditional shareholding structure.