Highlights

Alibaba poised to launch record-breaking US$13.4b HK share sale -Sources

 Publish date: Wed, 13 Nov 2019, 6:46 PM

HONG KONG: Chinese e-commerce giant Alibaba Group is poised to launch a Hong Kong share sale expected to raise up to US$13.4 billion as soon as Thursday, according to two sources with knowledge of the discussions.

While Alibaba executives are preparing for a Thursday launch, sources said the timing could slip depending on developments in Hong Kong's ongoing protests.

The sources declined to be named because the information was not yet public.

An Alibaba spokeswoman declined to comment on the company's listing plans.

The deal - the world's biggest cross-border secondary listing - will be seen as a boost for Hong Kong, which recently entered its first recession in a decade as more than five months of street protests and worries about the U.S.-China trade war took their toll.

The company had been planning to sell the shares earlier this year but in August postponed the deal as the protests rocking Hong Kong since June became increasingly violent.

Another source with knowledge of the listing process said Alibaba was confident that the company could overcome the negative sentiment created in Hong Kong financial markets due to the ongoing protests.

The deal had been initially expected to raise up to US$15 billion, but the source said the company would sell up to 500 million primary shares in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to US$13.4 billion.

A sale of that size will dilute existing shareholders by 2.8% and investors will be able trade shares between the two exchanges, the source said.

Alibaba will lodge its U.S. regulatory filings and publish a preliminary prospectus for the deal on Wednesday evening on the Hong Kong Stock Exchange website.


 - Reuters

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Earn MQ Points while trading with MQ Traders Group
MQ Affiliate
Earn side income from MQ Affiliate Program
 
 

292  614  562  681 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 AT 0.095+0.005 
 JAKS-OR 0.260.00 
 LCTITAN 2.13-0.27 
 SUPERMX-C1I 0.145-0.01 
 LUSTER 0.165-0.005 
 MAHSING 0.96-0.04 
 HWGB 0.78+0.065 
 DGSB 0.225+0.01 
 DATAPRP 0.195-0.025 
 KSTAR 0.43+0.06 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS