Hong Kong — Alibaba Group is planning a listing hearing early next week and is seeking to raise as much as $15bn in a Hong Kong share sale, people familiar with the matter say, moving ahead with the city’s largest first-time stock offering since 2010.
Alibaba’s listing will be a triumph for a Hong Kong stock exchange that lost many of China’s brightest technology stars to US rivals. The Chinese e-commerce giant had aimed to list as early as mid-2019 before pro-democracy protests rocked the financial hub, while trade tension between Washington and Beijing clouded the market’s outlook.
Billionaire Alibaba co-founder Jack Ma is moving closer to his dream of listing closer to home — a move that curries favour with Beijing and hedges against trade war risks. A successful Hong Kong share sale could also help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat-operator Tencent.
Alibaba — which had roughly $57bn of cash and equivalents as of June — rode a national e-commerce boom that stemmed from an increasingly affluent middle class. But like arch-foe Tencent, it’s struggling to sustain growth as the world’s number two economy slows, and China clashes with the US over everything from trade and technology to investment.
Source: News Formal (newsformal.com)
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