Alibaba Reportedly Planning for Hong Kong IPO in Late November

Alibaba holds the record for the world's biggest initial public offering for its US$25 billion 2014 float in New York

If realised, the $15 billion IPO would be the major due to the fact coverage huge AIA garnered $20.5 billion in 2010.

According to Chinese media reports, internet giant Alibaba is ready to start pre-IPO roadshows in Hong Kong next week.

The listing process and bookbuild would then proceed during the week of November 25, 2019, said the sources, who declined to be identified due to the sensitivity of the matter.

Alibaba had initially been working on an August listing in Hong Kong, but put the deal on hold as anti-government protests in the city created financial and political uncertainty.

Companies so far this year have sold shares worth US$429 billion via IPOs and follow-on sales - running far short of the US$604 billion they sold in the whole of last year, according to data from Refinitiv.

Alibaba's listing on the Hong Kong exchange would become the world's biggest cross-border secondary listing, according to Dealogic data.

Alibaba's decision to list in Hong Kong will provide greater access to China's burgeoning investor community, who will not have to deal with transferring capital to the USA, and the cumbersome time difference.

Now bankers and investors are watching closely to see whether other USA -listed Chinese companies such as Baidu BIDU.O and JD.com JD.O might follow Alibaba's lead. The demonstrations are in their fifth month and are frequently violent.

Alibaba - which had roughly US$57 billion of cash and equivalents as of September - rode a national e-commerce boom that stemmed from an increasingly affluent middle class.

The will-they-or-won't-they story of Alibaba's much-touted Hong Kong IPO is heading into the home stretch, as a source close to the company told Caixin on Friday the company will go for a listing hearing with the Hong Kong stock exchange next week.

The company on Monday will wrap up its most important sales event of the year - Singles' Day - offering further clues on the health of consumption.

The deal is now being led by China International Capital Corp (CICC) and Credit Suisse. The group also beat financial analysts' expectations of its revenue, with a 40% year-on-year increase to RMB119 billion (US$16.7 billion). Major investment banks led by Morgan Stanley and Goldman Sachs are now jockeying for the most senior positions behind those two.

Related:

Comments

Latest news

Broadway actress Laurel Griggs, who also appeared on ‘SNL,’ dead at 13
She also played Polly in the Tennesee Williams play Cat on a Hot Tin Roof on Broadway in 2013 alongside Scarlett Johansson . In December 2017, Laurell snapped herself standing outside NBC Studios and captioned it, "Dreams do come true".

Will Chris Ramsey Be A Survivor On Strictly Come Dancing?
But viewers were left in uproar when the show's host Claudia Winkleman, 47, made a jibe at Karim following an uncharacteristically lacklustre performance.

Brother of Michigan State's Cassius Winston struck and killed by train
Michigan State coach Tom Izzo released a statement Sunday, saying, "Our hearts are filled with sorrow for the Winston family". A short time ago, Michigan State associate head coach Dane Fife confirmed Zachary's death and tweeted a tribute to him.

Governor invites Shiv Sena to stake claim to form govt in Maharashtra
The BJP and the Sena had together won 161 seats in the 288-member House, way above the halfway mark of 145. However, the chiefs of both parties have so far refused to commit support to the Shiv Sena.

Hatton holds his nerve in six-way Turkish Open play-off
I'll just stay aggressive, keep the driver in the hands, keep attacking pins while be sensible what pins I will attack. Former US Open champion Kaymer wasn't sure if Pepperell had hit four or five balls, but thought it was five.

Other news