HANGZHOU - Chinese e-commerce giant Alibaba Group Holding Ltd announced Wednesday the pricing of the global offering of 500 million ordinary shares.

The final offer price for the global offering, which comprises an international offering and a Hong Kong public offering, has been set at HK$176 ($22.49) per share.

Subject to approval from the Stock Exchange of Hong Kong Limited (SEHK), the shares are expected to begin trading on the main board of the SEHK on Nov 26, 2019 under the stock code "9988."

Alibaba plans to use the proceeds from the global offering for the implementation of its strategies to drive user growth and engagement, empower businesses to facilitate digital transformation, and continue to innovate and invest for the long term, according to the company.