Alibaba files for Hong Kong listing, may raise as much as $20 bn: Report
Chinese e-commerce giant Alibaba Group Holding Ltd has actually submitted in complete confidence for a Hong Kong listing, according to one source knowledgeable about the matter.
The listing will occur as quickly as the 3rd quarter of this year, the source stated, decreasing to be called as they were not authorised to speak with the media on the matter.
Alibaba decreased to comment. News of the filing was initially reported by Bloomberg.
Last month sources stated the prepared listing might intend to raise as much as $20 billion, lining the e-commerce group up for a 2nd hit offer following its 2014 record $25 billion float in New York.
Chinese financial investment bank CICC and Swiss-based Credit Suisse are leading the offer. No other banks have actually been officially mandated as.
The offer would be the most significant follow-on share sale internationally in 7 years and would provide Alibaba a war chest for innovation financial investment – a top priority for China as development flags and as the world’s second-largest economy is secured an installing trade spat with the United States.