Alibaba has revealed plan to raise up to HK$100 billion (around £10 billion) through a stock exchange listing in Hong Kong.

China’s biggest publicly listed company is selling 500 million shares, with an extra 75 million available if there is substantial demand. This means the e-commerce group should raise between HK$88 billion and HK$101 billion, before underwriting fees and other expenses.

The company has priced its shares at a small discount to its New York-listed shares in an attempt to lure investors. The initial batch of shares will start trading on the Hong Kong stock exchange next week, with the likes of Credit Suisse, Citigroup and JP Morgan likely to make large fees for working on the deal.

The business originally hoped to raise up to $20 billion when it filed for the listing in June, but plans were put on hold as clashes between police and pro-democracy protesters escalated in Hong Kong.

Chairman and chief executive Daniel Zhang said last week: “We continue to believe the future of Hong Kong remains bright – we hope we can contribute in our small way, and participate in the future of Hong Kong.”

Alibaba already holds the record for the largest initial public offering, after raising $25 billion through its New York stock market debut in 2014, when shares were sold for $68. They are now worth $185, valuing the company at $483 billion.

It plans to use money from the Hong Kong listing to “continue to innovate and invest for the long term”, according to a statement.

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