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HK future is bright, says Alibaba chairman ahead of US$13 bil listing

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Largest listing in 9 years comes as Beijing seeks support to maintain sense of business-as-usual in face of unrest. FMTNews Alibaba StockExchange

HONG KONG: Alibaba Group Chairman Daniel Zhang said Hong Kong’s “future is bright” as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. “During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright.”

Alibaba had originally considered a Hong Kong IPO in 2013, but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure.

 

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