Alibaba to raise USD 20 bln in Hong Kong listing in H2 - report

News Broadband Hong Kong 28 MAY 2019
Alibaba to raise USD 20 bln in Hong Kong listing in H2 - report
Alibaba plans to raise USD 20 billion via a second listing in Hong Kong. Alibaba previously raised USD 25 billion in its first listing in New York in 2014, in the world’s largest initial public offering. Alibaba is working with financial advisers on the planned offering, Bloomberg reports, citing unnamed people with knowledge of the matter. According to the same sources, Alibaba would file a listing application in Hong Kong confidentially in the second half of this year.

Alibaba plans to use the fresh funds from its second listing to diversify its funding channels and increase liquidity, the sources added. Plans are preliminary and could change, the unnamed sources also said. Alibaba declined to comment on the matter.

Alibaba previously tried to persuade Hong Kong regulators to approve its unique structure, under which a group of partners decide board membership. Hong Kong’s exchange relaxed restrictions and authorized dual-share classes in 2018, allowing internet company Meituan Dianping and smartphone manufacturer Xiaomi to issue stock with different voting rights.

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