Alibaba raised ~$11.2 billion in Hong Kong Stock Exchange, offering stocks at HKD$176 per share. With Hong Kong exchange relaxed its rules around “one share, one vote”, Alibaba (NYSE: BABA) is able to list its shares on HKEX again. It is the world’s largest listing so far this year. The overall sum raised could rise to nearly US$13 billion if the underwriting banks exercise an option to sell 15% more shares. // WSJ
Walmart announced on Nov 21 that it plans to add 500 new stores in China over the next five to seven years. It will also remodel more than 200 stores in China over the next few years, adding features such as self-service cash registers where customers can pay using facial recognition. The company’s China sales grew 6.3% last quarter, higher than its 2.5% growth worldwide. // CNN
Kuaishou (快手), the main competitor for Douyin (Tik Tok) in China, to become the exclusive partner for 2020 Chinese New Year Gala. The Chinese New Year Gala (春晚), or Spring Festival Gala, is the most watched annual television broadcast and Kuaishou will be the exclusive partner for 2020 to send red pockets (红包) to audience. Last year, Baidu was the exclusive partner to promote the use of its digital wallet. spending over ¥1 billion in red pockets. Kuaishou has achieved 200 million DAU in 2019 and the target is 300 million. // Jiemian