Alibaba set a price of HK$176 per share on Wednesday for its global offering of 500 million shares, which will be listed on the Hong Kong stock exchange, confirming an Asia Times scoop earlier in the day.

This is within the HK$188 price cap announced by the company earlier this month and at a discount to the closing price of its New York-listed ADS (American Depositary Shares). Each ADS is the equivalent of eight HK-listed shares.

The secondary listing would raise US$12.9 billion, including the over-allotment ahead of its November 26 listing, a source told Asia Times earlier. The shares will trade under the ticker 9988, inspired by auspicious numbers in Chinese culture with 9 representing long and 8 representing prosperous. Alibaba said the offer price of the global offering translates to approximately US$180 per ADS.

At this price the shares would be priced at a 2.9% discount to Alibaba’s closing price of US$185.25 in New York last night, after factoring in the exchange rate, transaction costs and stamp duties. China International Capital Corporation (CICC) and Credit Suisse are the sponsors for the secondary offering in Hong Kong.