AFP, HONG KONGChinese online retail titan Alibaba Group Holding Ltd (阿里巴巴) is hoping to raise up to US$15 billion in a Hong Kong initial public offering (IPO), a report said yesterday, which would be the territory’s biggest listing for nine years. The share sale by Asia’s biggest company would also come as Hong Kong authorities battle months of pro-democracy protests that have dented the financial hub’s economy and reputation. Alibaba is looking to scoop up between US$10 billion and US$15 billion in the IPO, Bloomberg News cited unnamed sources as saying, and is looking to hold a hearing into the move — as mandated by Hong Kong Stock Exchange rules — next week. If realized, the US$15 billion IPO would be the biggest since insurance giant AIA garnered US$20.5 billion in 2010. A second listing in Hong Kong would also curry favor with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after companies such as Alibaba and Baidu Inc (百度) listed on Wall Street.

Source: Taipei Times November 08, 2019 16:04 UTC