Chain manufacturers don't know what kind of bike you intend to put it on. New chains come too long for most bikes so you have to shorten them to suit your bike. Unfortunately, I think that your chain is a little too long. If it was my bike, here's what I would do.

1. If you don't have a spare joining pin, buy one at your LBS. They come in sizes that correspond to the number of rear cogs on your bike so be sure to get the right one.
2. Using a chain tool, break your brand new chain.
3. I size chains using the big/big method. Wrap your chain around the biggest front chainring and the biggest rear cog bypassing the derailleur. Figure out the shortest place that you could rejoin the chain. Add 1" (2 links) of chain to that.
4. Cut off the excess chain, and run it through your rear derailleur. Be careful of the little tabs on the derailleur arm before rejoining the chain.

People have differing opinions about cleaning and/or lubeing a new chain. I personally do neither. I install them just as they come and go riding.