Alibaba’s secondary Hong Kong listing gets exchange approval
Alibaba has been given the green light by the Hong Kong stock exchange (HKEX)for a secondary listing in the city that could raise up to $15bn (£11.7bn), in what is set to be one of the biggest fundraisings in the world this year.
The Chinese online retail giant is set to begin a week-long investor roadshow today after winning approval for the fundraising from HKEX’s listing committee, the Financial Times reported.
Read more: Chinese e-commerce giant Alibaba eyes $15bn Hong Kong listing in boost for troubled city
Alibaba is hoping to raise between $10bn and $15bn from the share sale, according to the paper.
The listing’s pricing is expected to be confirmed on 20 November, with the shares beginning trading in Hong Kong during the week of 25 November, according to reports in the South China Morning Post, the English-language Hong Kong newspaper owned by Alibaba.
The fundraising would also top Uber’s $8bn initial public offering (IPO) in New York in May, and surpass the $5bn IPO of AB InBev’s Asia-Pacific unit in Hong Kong in September.
Alibaba, which listed in New York five years ago, had filed for a Hong Kong listing in June with hopes of raising up to $20bn, but plans were stalled amid deepening unrest in the territory.
A multi-billion dollar listing would be a major success for Hong Kong’s bourse, which has suffered as political unrest hit market sentiment in the financial hub.
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The territory’s transport network has been crippled by often-violent protests this week after police shot an unarmed protester at close range on Monday and police said “rioters” doused a man with petrol and set him on fire.
Many businesses and schools in Hong Kong closed on Wednesday following the escalations, which have seen some of the worst violence since protests began five months ago.
Main image credit: Getty