Investing.com - E-commerce giant Alibaba (NYSE:BABA) is considering raising $20 billion through a second listing in Hong Kong, Bloomberg reported, citing people familiar with the matter.
The news came five years after Alibaba raised a record-breaking $25 billion through an IPO listing on the New York Stock Exchange in 2014 as Hong Kong refused to approve its filing due to rules around company structure.
But the Hong Kong Stock Exchange launched a reform in listing rules last year which would allow dual-class share listings. Alibaba founder Jack Ma had previously said that the company would "seriously consider" a listing on its exchange.
Smartphone maker Xioami and food delivery service Meituan both became listed in Hong Kong in 2018 following the listing rules reform.
Alibaba is now working with financial advisers on the offering and is aiming to file an application as early as the second half of 2019, said the sources.
The fund will be used to help Alibaba “diversify funding channels and boost liquidity.”