HONG KONG: Alibaba Group Holding Ltd. is set to raise about HK$88 billion ($11.2 billion) in its Hong Kong stock offering after telling investors it plans to price the shares at HK$176 each, people with knowledge of the matter said.

The potential price represents a 2.9% discount to the last close of Alibaba’s American depository shares in New York, with each equal to eight ordinary shares of the internet company. This Hong Kong share sale marks one of the largest globally this year and the biggest for the city since 2010.