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Alibaba launches brave $13.4 billion listing in Hong Kong
- Thursday | 14th November, 2019
HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans. However, a source familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations. The Hong Kong shares are expected to be offered at a discount of up to 5% of the U.S. equivalent. At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic. The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.
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