Alibaba Might Be Eyeing Hong Kong Listing Amidst Political Turmoil

Alibaba Group might be eyeing a public listing in Hong Kong as early as November to raise up to $15 billion, people familiar with the matter said on October 30.

Following the Hong Kong protests, the city’s stock market was losing momentum and fell behind the New York Stock Exchange and Nasdaq in terms of number of IPOs. Alibaba’s listing would help resurrect Hong Kong’s status as a major capital markets hub. The company had initially planned the listing for late August, but delayed it due to the political unrest.

SEE ALSO: Alibaba Targets Hong Kong IPO

According to sources, Alibaba may list its shares in the end of November or early December and is hoping to raise between $10 and $15 billion through the listing, Reuters reported. The company does not plan on meeting with institutional investors prior to the deal, as most investors are already familiar with the company, the sources added.

Alibaba holds the record for the world’s largest initial public offering with its $25 billion float in New York in 2014. At that time, Alibaba had also hoped to float in Hong Kong, but the company’s dual-class share structure clashed with the city’s listing rules. Last year, the rules were changed, mainly in order to win over Chinese technology groups.