Alibaba finally launches HK listing this month
The company now needs to get approval from Hong Kong's listing committee
Stocks impacted: Alibaba Group Holding Ltd (BABA)
In August, the Chinese e-commerce giant, listed in the Unites States, delayed its listing in Hong Kong, citing anti-government protests in the city creating financial and political uncertainty. Now, the company decided to make another effort in this direction. First, Asia’s largest company by market value needs to seek approval from Hong Kong’s listing committee in order to launch a Hong Kong share offering to raise $10 billion to $15 billion. The event is scheduled on the final week of November. Credit Suisse and China International Capital Corp were appointed to work on the deal. As a reminder, Alibaba holds the record for the world’s largest initial public offering with its $25 billion float in New York five years ago. On Thursday, Alibaba stocks rose 1.36% and could gain further on the news.
Make profit on it right now!