icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
13 Nov, 2019 12:44

Alibaba wins approval to sell shares in massive secondary listing in Hong Kong - media

Alibaba wins approval to sell shares in massive secondary listing in Hong Kong - media

Chinese e-commerce giant Alibaba, the current record-holder for the largest IPO in history, may sell up to US$15 billion of new shares during the planned secondary listing in Hong Kong.

The Hangzhou-based company’s listing application was approved by Hong Kong Exchanges & Clearing, media reported, citing sources on Wednesday. Thus Alibaba became the first firm to successfully qualify for the secondary listing on the Hong Kong stock exchange under the new rules this year.

Alibaba reportedly plans to offer about 500 million shares, and may raise between $10 billion and $15 billion, according to different estimates. The share sale could be the city’s largest in almost a decade.

Also on rt.com Don't believe the hype: Hong Kong says it's business as usual for banks & stock exchange despite protests

The price of each Alibaba share will be determined on November 20 and trading may start on November 25, Alibaba-owned South China Morning Post reported, citing people familiar with the matter. Other reports say the company’s executives are preparing for a Thursday launch, while some noted that it depends on the situation in the Asian financial hub. Back in August, the growing unrest in the city led to the delay of the secondary listing.

If the e-commerce behemoth proceeds with the listing, it could give a boost to the local stock market, which has been under pressure due to months of protests in Hong Kong. The city has recently admitted that the demonstrations plunged it into recession, and that this may have a negative impact on the annual economic growth.

Also on rt.com Alibaba Singles Day sales smash another record

Back in 2014, the Hong Kong stock exchange lost Alibaba to the US listing, during which the company raised a record $25 billion in the world’s largest IPO. However, the stock market debut of Saudi Aramco can potentially eclipse Alibaba’s success, as the Saudi oil giant is expected to raise around $40 billion.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
23:13
0:00
25:0