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Alibaba Reportedly Wins Approval for $10B Hong Kong Listing

Stock MarketsNov 12, 2019 11:45PM ET
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Investing.com - Alibaba Group Holdings (NYSE:BABA) has won approval from the Hong Kong Exchanges & Clearing for a mega listing in Hong Kong that could raise at least $10 billion for the company, Bloomberg reported on Wednesday citing people familiar with the matter.

The person said Alibaba is aiming to raise as much as $15 billion in a listing that would become the largest issuance of stock in Hong Kong since 2010.

A representative for Alibaba didn’t immediately respond to requests for comment.

In 2018, Hong Kong introduced new listing rules that allow tech companies with dual-class shares structures to issues shares in the city after resisting such a change for a decade.

Alibaba was said to be already considering a listing in Hong Kong over the summer. The plan was suspended due to the pro-democracy protests that rocked the financial hub, reports suggested back then.

Alibaba Reportedly Wins Approval for $10B Hong Kong Listing
 

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