UNITED STATES (OBSERVATORY NEWS) — Alibaba Group Holding plans to raise shares in Hong Kong to raise $ 10-15 billion in the last week of November, a deal that could boost Asia’s financial center, which has been hit by anti-government protests, writes Reuters in an exclusive report.
Two Chinese sources familiar with the matter said the US-listed Chinese e-commerce giant was due to seek approval from a Hong Kong listing committee on Thursday.
Thereafter, the listing and construction of the IPO will go ahead during the week of November 25, said the sources, who asked not to be named because of the sensitivity of the issue.
A spokesman for Ali Baba declined to comment to Reuters on the date of listing.
According to Dealogic data, the process will be the largest cross-border listing ever in the world. Ali Baba set a record for the world’s largest IPO with a $ 25 billion IPO in New York in 2014.
The inclusion of Hong Kong’s e-commerce giant is creating a year-end spree towards global stock markets as the Saudi government plans to sell 2 percent of oil giant Aramco in a deal that could raise up to $ 30 billion and exceed Alibaba’s record IPO.
The company was listing in August in Hong Kong, but the deal was delayed by anti-government protests in the city that caused financial and political uncertainty.
Alibaba will appoint more banks next week to help sell its shares in Hong Kong, the sources said.
The currency is currently led by China International Capital Corp and Credit Suisse. Major investment banks led by Morgan Stanley and JPMorgan are currently competing for the most important roles after the two major banks.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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