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.

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips.

Most Popular

JetBlue Airways (JBLU) Q4 2022 Earnings: Key financials and quarterly highlights

JetBlue Airways Corporation (NASDAQ: JBLU) reported fourth quarter 2022 earnings results today. Total operating revenues increased 32% year-over-year to $2.4 billion.   Net income amounted to $24 million, or $0.07

AAL Q4 2022 Report: Highlights American Airlines earnings

American Airlines Group (NASDAQ: AAL) announced fourth-quarter 2022 financial results on Thursday, reporting a sharp increase in revenues. The company turned profit from a loss last year. Total operating revenues

LUV Earnings: A snapshot of Southwest Airlines’ Q4 2022 report

Southwest Airlines Co. (NYSE: LUV) on Thursday announced financial results for the fourth quarter of 2022, reporting a net loss and a double-digit increase in revenues. Total operating revenue was

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top