Categories: MarketingWorkspace

Alibaba Hails ‘Bright’ Future Ahead Of Hong Kong Listing

Alibaba is reportedly set to stop taking orders from prospective institutional investors earlier than planned ahead of strong demand for its secondary IPO in Hong Kong, set for next week.

The firm is to offer some 500 million shares and hopes to raise up to $13.4bn, which would eclipse Uber’s $8.1bn flotation in May as the year’s biggest listing.

The flotation is seen as a boost for Hong Kong amidst ongoing anti-government protests in the Asian financial hub, with Alibaba chairman Daniel Zhang saying last week he believes the future of Hong Kong “remains bright”.

“During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright,” he said.

Record listing

Zhang, who took over from co-founder Jack Ma in September, said Hong Kong remains “one of the world’s most important financial centres”.

Alibaba’s 2014 New York IPO, which raised $25 billion (£19bn), remains the world’s biggest flotation to date.

The secondary listing is aimed at giving investors across Asia the opportunity to “participate in Alibaba’s growth”, said the Hangzhou-based company.

Alibaba originally considered listing in Hong Kong in 2013, but failed to secure regulatory approval at the time.

It then reportedly delayed plans to list in Hong Kong earlier this year amidst ongoing political turmoil and US-China trade tensions.

Disruption

Anti-government protests, which began in June, have pushed Hong Kong’s economy into recession and lowered business confidence in the city.

The protests began in response to plans to allow extradition to the mainland, but have continued as protestors demand an independent inquiry into alleged police brutality and democratic reforms.

But the turmoil has not dampened investors’ enthusiasm, with strong demand prompting Alibaba to close order books in New York on Tuesday at 12 p.m. (1700 GMT), half a day earlier than expected, Reuters reported, citing unnamed sources.

Matthew Broersma

Matt Broersma is a long standing tech freelance, who has worked for Ziff-Davis, ZDnet and other leading publications

Recent Posts

US Probe Of Waymo Uncovers More Incidents – Report

NHTSA says its investigation of Waymo self-driving vehicles has uncovered more incidents that raise concerns

2 days ago

Fake Accounts Proliferating On X, Study Warns

Ahead of US presidential election, fake accounts supporting Donald Trump are proliferating on Elon Musk's…

2 days ago

Mike Lynch Defends Himself At HP-Autonomy Trial In US

British founder of Autonomy defends himself in San Francisco federal courthouse against criminal fraud charges

2 days ago

Elon Musk Disagrees With US Tariffs On Chinese EVs

Tesla's Elon Musk confirms opposition to the Biden Administration's implementation of 100 percent tariffs on…

3 days ago

Former Cybersecurity Boss Warns UK Not Heeding China Threat

Ciaran Martin, ex-chief executive of the National Cyber Security Centre, explains growing cyber threat posed…

3 days ago

YouTube Threatens To Block Russian Protest Group’s Anti-War Content

YouTube threatens to pull anti-war content from Russian rights group, after complaint from Putin regime's…

3 days ago