Alibaba files for a listing in Hong Kong: sources
The tech firm had filed a stock listing application with the Stock Exchange of Hong Kong confidentially this week.
Chinese ecommerce tech giant Alibaba Group is said to have confidentially filed for a listing in Hong Kong, people familiar with the matter told Bloomberg.
The tech firm had filed a stock listing application with the Stock Exchange of Hong Kong confidentially this week, the sources said. Earlier reports said the firm had picked China International Capital Corp and Credit Suisse to lead the planned share sale.
Alibaba has yet to finalize its fundraising target, the sources said, although there has long been speculation for the firm to raise as much as US$20 billion in this Hong Kong listing.
The new listing would bring the firm closer to investors in its home country. Earlier reports since last month revealed plans from the firm to file for a listing with Hong Kong confidentially from as early as the second half of 2019.
At US$20 billion, the amount would make it the largest share sale in Hong Kong since 2010. In 2010, the Agricultural Bank of China raised US$22.1 billion after it increased its initial public offering (IPO) size in a listing in Shanghai and Hong Kong. In the same year, insurer AIA raised US$17.8 billion in its debut in Hong Kong.
Alibaba first listed on the New York Stock Exchange on September 18, 2014, at US$68 per share, raising in total US$25 billion. The listing was the biggest US IPO in history, larger than US tech firms Google, Facebook, and Twitter combined.
Back then, Alibaba had opted for the listing in New York as Hong Kong did not offer the unique share structure it had wanted which gave executives more rights to voting, for example.
Hong Kong made a major upheaval to its listing rules last year, allowing new guidelines for dual-class shares in certain circumstances. The decision has proven worthwhile, with two of the hottest Asian tech firms Xiaomi and Meituan Dianping choosing to launch their IPOs with the Cantonese-speaking island.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
