Alibaba's Hong Kong-listed shares fell over 10% after announcing plans to raise HK$80 billion in a new stock sale.

BlockBeats News, August 24th, according to Bitget market data, Alibaba's stock on the Hong Kong Stock Exchange fell more than 10%, hitting a new one-month low.

On the news front, Alibaba announced on Sunday that it plans to sell new shares in Hong Kong. The company stated that the total amount of this offering is 80 billion Hong Kong dollars ($10.2 billion). This transaction will be the largest-ever secondary listing by a Hong Kong-listed company, the largest Regulation S share sale on record (for securities offered and sold outside the United States), and the third-largest global follow-on equity offering this year following Alphabet and Intel.