Alibaba eyes US$15 billion Hong Kong IPO

Residents of Hong Kong will now be able to buy as many as two apartments tax free in nine cities in Guangdong province

Residents of Hong Kong will now be able to buy as many as two apartments tax free in nine cities in Guangdong province

Chinese retail titan Alibaba BABA.N plans to list in Hong Kong in the final week of November, two people with direct knowledge said, aiming to raise up to $15 billion in a deal that signals a vote of confidence in the Asian financial hub.

In particular, the US and China have been engaged in an ongoing trade war that has rattled USA and Asia markets constantly.

A report by news agency Reuters, citing unnamed sources, Friday said that the sales process would likely begin in Hong Kong from November 25.

Alibaba declined to comment on the matter.

The transaction, Dealogic data showed, would be the world's biggest cross-border secondary listing.

If realised, the US$15 billion IPO would be the biggest since insurance giant AIA garnered US$20.5 billion in 2010.

According to Chinese media reports, internet giant Alibaba is ready to start pre-IPO roadshows in Hong Kong next week.

Companies so far this year have sold shares worth $429bn via IPOs and follow-on sales - running far short of the $604 bn they sold in the whole of 2018, according to data from Refinitiv.

'Prepare to die' Trump adviser Stone texted witness, trial jury hears
This specific charade earned him a swift reprimand from the judge: "I know you're a comedian ... but this is serious". Stone also allegedly pressured Credico to plead the 5th and not cooperate with Congress and the Mueller investigation.

The possible listing of Alibaba's shares on the Hong Kong exchange comes amid trade tensions between the USA and China as well as ongoing political protests in Hong Kong.

The result beat analysts' expectations of revenue of 116.8 billion yuan ($16.6bn), according to International Brokers Estimate System data from Refinitiv.

A 2nd listing in Hong Kong would also curry favour with Beijing, which has sought to encourage its present-day and long run huge tech companies to record nearer to property after the decline of businesses this kind of as Alibaba and Baidu to Wall Road.

Demonstrations are expected to escalate over the weekend as the death of a student inflames rioters who are calling for "flash-mob"-style rallies".

Sources have said the investment banking syndicate will be put in place after Monday.

The deal is now being led by China International Capital Corp Ltd and Credit Suisse.

The new timing means the company will have an opportunity to show prospective investors its most recent sales figures after Monday's Singles Day, mainland China's largest annual online shopping day.

Alibaba - which had roughly US$57 billion of cash and equivalents as of September - rode a national e-commerce boom that stemmed from an increasingly affluent middle class.

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