Alibaba postpones Hong Kong listing
China’s biggest e-commerce company has delayed its up to $15 billion listing in Hong Kong, citing growing political unrest in the region.
The delay is due to the lack of financial and political stability in the Asian financial hub
Stocks impacted: Alibaba Group (BABA)
Violent protests continue in Hong Kong for the 11th straight week, with local police have used tear gas against protesters in the most recent clashes. The deal was initially set for late August. A new timetable has not been formally set. However, according to some sources, Alibaba could launch the Hong Kong deal in October, when political tensions ease and market conditions become favorable again. Should it go ahead, the Hong Kong listing will allow Alibaba to take advantage of a rule change by the Hong Kong Stock Exchange in 2018, allowing dual-class tech stock listings.
Make profit on it right now!