HONG KONG - Chinese e-commerce giant Alibaba Group is poised to launch a Hong Kong share sale expected to raise up to $13.4 billion as soon as Thursday, according to two sources with knowledge of the discussions.
While Alibaba executives are preparing for a Thursday launch, sources said the timing could slip depending on developments in Hong Kong’s ongoing protests.An Alibaba spokeswoman declined to comment on the company’s listing plans. The company had been planning to sell the shares earlier this year but in August postponed the deal as the protests rocking Hong Kong since June became increasingly violent.
The deal had been initially expected to raise up to $15 billion, but the source said the company would sell up to 500 million primary shares in the listing. Including a typical “greenshoe”, or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion.
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