China's Alibaba Plans $15 Billion Listing in Hong Kong

Alibaba holds the record for the world's biggest initial public offering for its US$25 billion 2014 float in New York

Report: Alibaba sets eyes on US$15b Hong Kong listing

Chinese online retail titan Alibaba is hoping to raise up to US$15 billion (RM61.9 billion) in a Hong Kong IPO, a report said today, which would be the city's biggest listing for nine years.

Alibaba is already now listed on the New York's Nasdaq and so a second listing would act as a trailblazer for other big tech firms to list closer to home instead of concentrating exclusively on only major exchanges around the world.

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

Alibaba's bookbuilding and listing is expected to take pack in the week beginning on November 25, according to the sources.

Listed in the United States, the Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee on Thursday, two people with direct knowledge of the matter said. However, Alibaba declined to comment on the issue.

The company had been working on an August listing in Hong Kong but the transaction was put on hold due to anti-government protests in the city creating financial and political uncertainty.

Alibaba is looking to scoop up between US$10 billion and US$15 billion in the initial public offering, Bloomberg News cited unnamed sources as saying, and is looking to hold a hearing into the move - as mandated by the Hong Kong exchange rules - next week.

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.

The return of this deal would cap a resurgent market in Hong Kong, where a series of big floats since September have helped the bourse operator, Hong Kong Exchanges & Clearing (HKEX) 0388.HK , become serious competition once more to the American players. The company has been listed in NY since 2014.

Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal.

Alibaba's sales past year reached $30 billion on the day, which was more than three times as large as Cyber Monday, the equivalent shopping day in the U.S.

The company reported a sales increase to 119 billion yuan ($16.9 billion) during the third quarter, up 40% on a year earlier, despite the fact that China is experiencing an economic slowdown.

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