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Alibaba set for huge Hong Kong listing - source

Credit: Reuters - Business (Amazon FireT
Published on June 13, 2019 - Duration: 01:05s

Alibaba set for huge Hong Kong listing - source

Chinese online commerce giant Alibaba could be planning a $20bln listing in Hong Kong, according to sources.

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Alibaba set for huge Hong Kong listing - source

Chinese e-commerce giant Alibaba could be headed for a huge Hong Kong share listing.

One source has told Reuters the firm has already filed the necessary paperwork.

It's expected to take place as soon as the third quarter of this year.

And could raise up to 20 billion dollars.

Big, but short of its record 25 billion dollar float in New York five years ago.

Founder Jack Ma has long said he wanted to sell shares in Hong Kong.

A listing there would give mainland Chinese investors their first direct access to the company's shares.

Alibaba is one of China's biggest corporate success stories.

Since the U.S. listing it's nearly doubled in size, and is now valued at over 400 billion dollars.

But the float could come at an awkward moment.

Hong Kong is roiled by protests against a proposed extradition agreement with China.

This week one big IPO was reportedly cancelled due to lack of demand.

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