The Strategist

Alibaba applies for secondary listing at Hong Kong Stock Exchange

11/14/2019 - 09:56

Alibaba Group Holding has applied for listing on the Hong Kong Stock Exchange. The company’s statement sent to the US Securities and Exchange Commission (SEC) said the New York Stock Exchange (NYSE) will remain a priority platform for the holding.

It was previously announced that the Hong Kong Stock Exchange has approved Alibaba's secondary public offering (SPO).

Last week, Bloomberg announced that the Chinese company plans to place $ 10-15 billion on the Hong Kong Stock Exchange and is awaiting hearings on the listing on the stock exchange required by companies offering shares in Hong Kong.

In 2014, Alibaba raised $ 25 billion through an initial public offering in New York, which became the largest IPO in world history. The company's shares on the NYSE rose by a quarter over the past year; its current capitalization exceeds $ 488 billion.

It was previously reported that Alibaba had scheduled an SPO in Hong Kong for August, but then postponed it due to protests, lack of political stability and a precarious situation with the region’s economy.

Alibaba owns China's largest e-commerce platforms, including Taobao, the most popular of them. Alibaba accounts for 80% of e-commerce turnover in the country.

The protests in Hong Kong, which began in June, continue to this day. In November, the situation in the city worsened, the police began to use firearms against the demonstrators, the protesters began to coordinate in small groups and block traffic in different areas of the city. In particular, on November 13, the city closed a record number of bank branches - 250.