Alibaba sets eyes on $15bn Hong Kong listing

The United States-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee this week two people with direct knowledge of the matter said

The United States-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee this week two people with direct knowledge of the matter said

An Alibaba spokesman declined to comment on the timing of the share offering.

Alibaba is on the lookout to scoop up among $10 billion and $15 billion in the original public supplying, Bloomberg Information cited unnamed resources as indicating, and is on the lookout to hold a listening to into the move-as mandated by the Hong Kong exchange rules-next 7 days.

If realised, the US$15 billion IPO would be the biggest since insurance giant AIA garnered US$20.5 billion in 2010. Alibaba previously mentioned that the Company is looking to expand into less developed regions as its retail sales continue to slow down.

China's e-commerce and entertainment giant Alibaba is understood to be back on track with a secondary listing of its shares in Hong Kong.

More recently, office-space sharing startup WeWork was forced to drop IPO plans and seek a cash injection from Japan's SoftBank Group, a major shareholder, as its valuation collapsed to $8bn from $47bn as recently as January this year.

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

The possible listing of Alibaba's shares on the Hong Kong exchange comes amid trade tensions between the US and China as well as ongoing political protests in Hong Kong. That would be the largest IPO on the Hong Kong stock exchange in nearly ten years.

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The result beat analysts' expectations of revenue of 116.8 billion yuan, according to IBES data from Refinitiv.

A second listing in Hong Kong would also curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Alibaba and Baidu to Wall Street.

Now bankers and investors are watching closely to see whether other US -listed Chinese companies such as Baidu BIDU.O and JD.com JD.O might follow Alibaba's lead.

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

Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal. Major investment banks led by Morgan Stanley and Goldman Sachs are now jockeying for the most senior positions behind those two.

The company on Monday will wrap up its most important sales event of the year - Singles' Day - offering further clues on the health of consumption.

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