Alibaba Group Holding Co. (BABA) - Get Report priced its secondary offering on the Hong Kong Stock Exchange Wednesday, capping what is likely to be the biggest IPO of the year.

Alibaba said its $11.3 billion offering will be priced at HK$176 each, a figure that represents a total of $HK88 billion. Eight is considered a number that represents good luck in traditional Chinese culture. An over-allotment clause in 500 million share sale could bring the total to $12.9 billion, just shy of the $13.4 billion first expected when it launched the offering earlier this month.

"The company 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," Alibaba said in a statement.

Alibaba's U.S.-listed shares were marked 0.97% lower in pre-market trading in New York following release of the Hong Kong sale details, indicating an opening bell price of $183.45 each.

Alibaba told the U.S. Securities and Exchange Commission last week that the New York Stock Exchange will remain its primary listing venue, and that Japan's Softbank (SFTBY) , Alibaba said, will own around 25.2% of the group once the Hong Kong sale is completed.

The choice of Hong Kong's stock exchange for the Alibaba listing, which could be the biggest cross-border secondary offering of the year, comes amid the China-controlled territory's most serious political and social challenges since the 1997 handover.

The five months of protests, triggered by a since-withdrawn bill that would have granted significant extradition powers to Beijing, has tipped the Hong Kong economy into recession and sent the Hang Seng index into an 8% tailspin.

Alibaba, meanwhile, has been firing on all cylinders of late, notching a better-than-expected $38.4 billion in Singles' Day sales earlier this week, defying predictions amid the weakest Chinese economy in more than three decades, and topping Wall Street forecasts with solid third quarter earnings thanks to e-commerce and cloud computing gains.