Chinese e-commerce company Alibaba Group Holding (NYSE: BABA) is said to have filed for a Hong Kong listing confidentially. The offering could reportedly raise up to $20 billion as early as the third quarter of 2019.
Based on a report by Bloomberg, the deal would be the biggest share sale in Hong Kong since 2010. Alibaba, which held the largest global IPO in New York five years ago, would be able to generate enough cash for various technology investments through this listing.
At the time of its IPO, Alibaba had planned to list in Hong Kong but was unable to do so due to certain rules. This move comes after last year’s change in listing rules by Hong Kong Exchanges & Clearing.
The online retailer is said to have chosen investment banks China International Capital Corp. and Credit Suisse Group AG to lead the deal. However, the news of the listing has not yet been officially confirmed and none of the parties involved have provided any comments on the matter.
Chinese companies are struggling with slowing economic growth and the trade war with the US. The Hong Kong listing could give Chinese investors access to Alibaba’s shares. Alibaba currently has a market cap of $414 billion.
Alibaba’s share have gained over 15% so far this year. The stock was up slightly by 0.37% in morning hours on Thursday.
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