Categories Retail, U.S. Markets News
Alibaba files for Hong Kong listing that could raise $20 billion
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.
Most Popular
Infographic: How Alaska Air Group (ALK) performed in Q1 2024
Alaska Air Group (NYSE: ALK) reported its first quarter 2024 earnings results today. Total operating revenue increased 2% year-over-year to $2.23 billion. Net loss amounted to $132 million, or $1.05 per
KMI Earnings: Kinder Morgan Q1 2024 adjusted profit increases; revenue drops
Kinder Morgan, Inc. (NYSE: KMI) reported higher adjusted earnings for the first quarter of 2024 despite a decrease in revenues. The energy infrastructure company also issued guidance for the full
What to expect when Altria (MO) reports first quarter 2024 earnings results
Shares of Altria Group, Inc. (NYSE: MO) stayed green on Wednesday. The stock has dropped 8% over the past one month. The tobacco giant is scheduled to report its first