SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
PHOTO: Zhao Yun/VCG via Getty Images
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
Now playing
03:02
How Jack Ma changed China
WASHINGTON, DC - FEBRUARY 01: U.S. President Joe Biden (Center R) and Vice President Kamala Harris (Center L) meet with 10 Republican senators, including Mitt Romney (R-UT), Bill Cassidy (R-LA) and Susan Collins (R-ME), in the Oval Office at the White House February 01, 2021 in Washington, DC. The senators requested a meeting with Biden to propose a scaled-back $618 billion stimulus plan in response to the $1.9 trillion coronavirus relief package Biden is currently pushing in Congress. (Photo by Doug Mills-Pool/Getty Images)
PHOTO: Pool/Getty Images North America/Getty Images
WASHINGTON, DC - FEBRUARY 01: U.S. President Joe Biden (Center R) and Vice President Kamala Harris (Center L) meet with 10 Republican senators, including Mitt Romney (R-UT), Bill Cassidy (R-LA) and Susan Collins (R-ME), in the Oval Office at the White House February 01, 2021 in Washington, DC. The senators requested a meeting with Biden to propose a scaled-back $618 billion stimulus plan in response to the $1.9 trillion coronavirus relief package Biden is currently pushing in Congress. (Photo by Doug Mills-Pool/Getty Images)
Now playing
02:08
Zandi: Stimulus plan doesn't do enough for the most in need
Now playing
01:36
Michael Bolton wants you to break up with Robinhood
Now playing
03:02
Congressman: The stock market needs to protect retail investors
Now playing
03:51
GameStop investor on why he's still holding on
why it
why it's better to invest cash than save it kristen bitterly orig_00012028.png
Now playing
01:59
Holding onto your cash? History shows it's better to invest it
In this photo provided by the New York Stock Exchange, Michael Urkonis, center, works with fellow traders on the floor during the Signify Health IPO, Thursday, Feb. 11, 2021. Stocks edged higher on Wall Street in early trading Thursday as investors continued digesting solid corporate earnings reports and maintained confidence that a new round of government aid is on the horizon. (Courtney Crow/New York Stock Exchange via AP)
PHOTO: Courtney Crow/AP
In this photo provided by the New York Stock Exchange, Michael Urkonis, center, works with fellow traders on the floor during the Signify Health IPO, Thursday, Feb. 11, 2021. Stocks edged higher on Wall Street in early trading Thursday as investors continued digesting solid corporate earnings reports and maintained confidence that a new round of government aid is on the horizon. (Courtney Crow/New York Stock Exchange via AP)
Now playing
03:08
El-Erian on risks to the market rally
PHOTO: Courtesy Kearns family
Now playing
02:56
Parents of young trader who died by suicide: Robinhood is to blame
kenny polcari market overvalued and stretched orig_00013830.png
kenny polcari market overvalued and stretched orig_00013830.png
Now playing
02:32
Polcari: A healthy market pullback of 5-7% should happen
Bitcoin
PHOTO: CNN
Bitcoin
Now playing
03:17
Tesla invests $1.5 billion in bitcoin
Now playing
02:20
El-Erian: Robinhood is a reminder that 'you have no friends on Wall Street'
People walk by a GameStop store in Brooklyn on January 28, 2021 in New York City. Markets continue a volatile streak with the Dow Jones Industrial Average rising over 500 points in morning trading following yesterdays losses. Shares of the video game retailer GameStop plunged. (Photo by Spencer Platt/Getty Images)
PHOTO: Spencer Platt/Getty Images
People walk by a GameStop store in Brooklyn on January 28, 2021 in New York City. Markets continue a volatile streak with the Dow Jones Industrial Average rising over 500 points in morning trading following yesterdays losses. Shares of the video game retailer GameStop plunged. (Photo by Spencer Platt/Getty Images)
Now playing
01:17
Here's why GameStop shares are plunging
PHOTO: CNN
Now playing
02:22
His risky bet made him a millionaire on paper. It could've gone very differently
NEW YORK, NEW YORK - JANUARY 27: GameStop store signage is seen on January 27, 2021 in New York City. Stock shares of videogame retailer GameStop Corp has increased 700% in the past two weeks due to amateur investors. (Photo by Michael M. Santiago/Getty Images)
PHOTO: Michael M. Santiago/Getty Images
NEW YORK, NEW YORK - JANUARY 27: GameStop store signage is seen on January 27, 2021 in New York City. Stock shares of videogame retailer GameStop Corp has increased 700% in the past two weeks due to amateur investors. (Photo by Michael M. Santiago/Getty Images)
Now playing
03:16
GameStop mania shakes up Wall Street
Now playing
05:26
Christine Romans: This is being fueled by the elixir of a quick profit
Vlad Tenev CPT intv 0128
PHOTO: CNN
Vlad Tenev CPT intv 0128
Now playing
05:49
Robinhood CEO speaks to Cuomo after GameStop stock chaos
(CNN Business) —  

Alibaba put a price on its highly anticipated Hong Kong stock market debut on Wednesday, the world’s biggest share sale of the year so far.

China’s largest e-commerce company said it was issuing the new shares at 176 Hong Kong dollars ($22.50) each. That’s equivalent to a discount of about 3% to Alibaba (BABA)’s closing price in New York, where its stock has traded since 2014.

The price falls short of the 188 Hong Kong dollars Alibaba had set as a ceiling last week, but the transaction will still raise about $12.9 billion for the company, assuming its bankers exercise an option to buy some additional shares over the next month.

“Secondary listings are an art form, not an exact science,” said Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.

Alibaba wants to make sure its Hong Kong listing generates a lot of interest, so “they’re pricing at a level where I’m 100% sure those shares are going to be a lot higher on the day,” he added.

Alibaba stopped taking orders from retail investors half a day earlier than planned, after seeing stronger-than-expected demand for the secondary listing.

The enthusiasm is a vote of confidence in the Asian financial hub, which has been rocked by months of civil unrest. The Hang Seng Index (HSI) fell 4.8% last week as the city grappled with escalating levels of violence. So far this week, the index has gained around 2.2% despite a further escalation in violence centered around the siege of a university.

The company founded by billionaire entrepreneur Jack Ma raised $25 billion in an initial public offering on the New York Stock Exchange that shattered records as the largest IPO in history.

In the secondary listing, eight Hong Kong shares will be equal to one of Alibaba’s New York-listed shares, the company said in a US regulatory filing last week.

The listing surpasses AB InBev’s roughly $5 billion IPO of its Asia business in Hong Kong earlier this year as well as Uber’s $8.1 billion debut in New York. It could also cement the Hong Kong stock exchange’s status as this year’s largest venue for public offerings.

Saudi Arabia’s partial privatization of its giant oil monopoly next month is expected to be the biggest in the world this year, and potentially of all time. Aramco is going public on the Riyadh stock exchange and the IPO could raise between $24 billion and $25.6 billion.

The Alibaba offering is the latest sign that investors and companies have not been scared away by months of protests in Hong Kong, which recently sank into its first recession in a decade.

Alibaba is scheduled to list shares on November 26.