To Asia-based bankers, Alibaba’s interest in the number eight – from the $68 upper limit of its initial price range, to the double eight implied in its New York BABA stock code pronounced in Chinese, and the 1688 stock code of the now-delisted unit used in Hong Kong – is not at all unusual.
Stories abound of other eight-related deals where, for example, the winner was perhaps not the highest bidder but the one that included a double eight in its offer price.
“There’s usually either a feng shui master, the chairman’s wife or someone else whose voice gets heard about auspicious stuff,” observes one seasoned Asia dealmaker.
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