Alibaba Wins Exchange's Approval for $12B Hong Kong Listing

Asia’s Airlines Cancel Annual Event in Hong Kong Due to Unrest

A logo of Alibaba Group is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, Oct. 20, 2019.

Chinese e-commerce giant Alibaba Group plans to ramp up investment in its online entertainment, content and travel platforms with the proceeds from a planned $13.4 billion Hong Kong listing.

Hong Kong Exchanges & Clearing Ltd. approved the tech giant's listing application, said the person, who asked not to be identified as the information is private.

Alibaba has capitalised on the Chinese language client's like of e-commerce to dominate the sector in China and switch into simply one of many world's most helpful companies.

Alibaba has considered a Hong Kong listing for a long time, even as far back as five years ago when it was scouting for its initial public offering, said Michael Yao, head of corporate finance at Alibaba, on a call with investors.

Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent. A separate source close to Alibaba told Caixin last week the company is aiming to raise between $10 billion and $15 billion in the offering.

Klopp lauds his Liverpool side after stunning points haul
Liverpool FC are the clear favourites to win the Premier League title this season after their stunning start to the new campaign. City won an unprecedented domestic treble last term, and have been one of the best teams in Europe under Guardiola.

At $13.4 billion, Alibaba's share sale would be the city's largest in more than nine years, and would rank as the world's largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic. If the greenshoe option is exercised, the offering will dilute the interest of existing ordinary shares by 2.8%.

Bloomberg said Alibaba will offer about 500 million shares in the listing, raising about $11.7 billion based on the group's closing share price in NY. The base offering could raise about $11.7 billion based on Alibaba's Tuesday close in NY, though it's possible the stock will be priced at a discount.

Alibaba's share sale marks a triumph for the Hong Kong stock exchange, which lost many of China's brightest technology stars to USA rivals. Alibaba aims to price the offering before USA market open on November 20 and start trading in Hong Kong on November 26, the terms show.

Context: Alibaba's business-to-business entity went public on the main board of the Hong Kong stock exchange in 2007, but delisted in 2012. Before its 2014 NY listing it was reportedly leaning toward an IPO on Hong Kong's main board, where it would have joined internet rival Tencent Holdings Ltd.

Though the Hong Kong shares may come at a discount to their USA peers.

Related News:

  • U.S. Sub Missing for 75 Years Found Near Okinawa

    U.S. Sub Missing for 75 Years Found Near Okinawa

    The wreck during World War II submarine USS Grayback has been found off Japan 75 years after its sinking by a Japanese bomber. Credited with sinking at least 14 ships during the war, the USS Grayback was one of 52 submarines that was lost in action.
    Nike shoes no longer on Amazon

    Nike shoes no longer on Amazon

    The Nike-Amazon split comes one month after the sports apparel and equipment company named John Donahoe its incoming CEO. Many see Donahoe's hiring as a sign that Nike intends to ramp up its consumer direct digital transformation strategy.
    Kim Kardashian Cuts Off Kourtney During An Awkward AF Interview

    Kim Kardashian Cuts Off Kourtney During An Awkward AF Interview

    Revenge body is something that always stands out to me, you challenge people to fight for a better YOU. Finally, last night Kim Kardashian and Kourtney participated in the People's Choice Awards .
  • Trump says No Agreement with China on Easing Tariffs Yet

    Trump says No Agreement with China on Easing Tariffs Yet

    Trump also spent a good deal of his speech praising the overall gains that the US economy has posted on his watch. Trump's lunchtime address at the club, which has hosted US presidents including Woodrow Wilson and John F.
    Dolphins plan to attend Kaepernick's National Football League  audition

    Dolphins plan to attend Kaepernick's National Football League audition

    He graduated from the University of North Carolina at Chapel Hill and has worked for the Observer since August 2017. During that season, in which the 49ers were 2-14, Kaepernick threw 16 touchdowns and had four interceptions.
    Hong Kong university under 'siege' from police as violence spreads

    Hong Kong university under 'siege' from police as violence spreads

    District council elections on November 24 are seen as a measure of public sentiment toward Hong Kong's government. Many subway and rail stations were closed after the protesters blocked commutes and vandalized trains.
  • $75 Costco 'Anniversary' coupon on Facebook is a scam, company says

    $75 Costco 'Anniversary' coupon on Facebook is a scam, company says

    Review the terms and conditions of any Costco-related app before downloading to ensure that the app is a genuine Costco app, created and supported by Costco.
    Angry Rafa Nadal reacts to 'Bulls**t' question from journalist

    Angry Rafa Nadal reacts to 'Bulls**t' question from journalist

    Nadal is bidding to end the year as word No. 1 for the fifth time, although Djokovic is able to take the crown from him in London. That shot was initially called in but was overturned by Hawk-Eye after Nadal challenged the decision.
    Deepak Chahar takes it to another level; bags yet another hat-trick

    Deepak Chahar takes it to another level; bags yet another hat-trick

    Deepak's performance was a memorable one as he also registered the best figures by any bowler in the shortest format. In the third over of the first innings of that game, Mishra put his name in the hat-trick book.
  • Tesla cites Brexit as Germany chosen over United Kingdom for European plant

    It is the first plant in China that is wholly owned by a foreign carmaker and also Tesla's first outside the United States . Tesla's first Gigafactory was built in Reno, Nevada back in 2015 (see it below), and "limited" production began in 2016.
    Rain and snow warning for Wales on Thursday

    Rain and snow warning for Wales on Thursday

    If it does, we could be looking at some high rainfall totals, in areas that are already fairly saturated and could do without it. And it appears more snow will fall across the south west this week, with the Met Office forecasting more showers.
    Packers-49ers game flexed to Sunday Night Football on TODAY'S TMJ4

    Packers-49ers game flexed to Sunday Night Football on TODAY'S TMJ4

    Prime time kickoffs should only add to the electricity of two extremely big games for the 49ers in their push for a playoff spot. The 49ers suffered their first loss of the season on Monday Night to the Seattle Seahawks 27-24 in overtime.

Most liked

Greta Thunberg to sail to Spain climate summit with YouTubers
Thunberg, 16, found herself stranded in the U.S. when the COP25 Summit was relocated from Santiago, Chile, to the Spanish city. Upon arrival, she addressed worldwide leaders with a powerful speech at the UN Climate Action Summit in NY .

Food prices spike Oct retail inflation to 4.62%
The floods in Maharashtra and other states had led to an increase in prices of onions and other farm produce across the country. The Reserve Bank of India (RBI) mainly factors in the retail inflation while deciding the bi-monthly monetary policy .

Falcons say QB Matt Ryan (ankle) will start vs. Saints
Atlanta's defense stunningly dominated New Orleans' normally stout offensive line. "They played better than us", Payton said. With Lattimore out, Jones quickly broke free for a 54-yard gain, setting up a field goal to close the second quarter.

Cherry says he misspoke, but has no regrets about controversial comments
Montreal Gazette sports writer Stu Cowan said it was Cherry's failure to apologize that likely lead to his firing. Allain hopes " Hockey Night in Canada " moves in a different direction, and does not try to duplicate Cherry.

Two treated for deadly pneumonic plague in Chinese capital
CDC also said that plague outbreak usually occurs during " epizootic " or the period in which large numbers of rodents die. Plague can transmit through air and is considered as a most unsafe infectious disease by China's health authorities.

Google Stadia app hits the Play Store ahead of November 19 release
Independent researchers have identified that lots of Android antivirus providers aren't especially powerful at catching malware. At the time of the launch, Google Stadia will be available on Pixel 2, Pixel 3a, Pixel 3 and Pixel 4 smartphones.

Top 4 finish isn't necessary for Solskjaer to keep Manchester United job
Fallen Premier League giants Manchester United tried and failed to sign Real Madrid winger Lucas Vazquez in the summer. Just after the half-hour mark, Brighton pulled a goal back via Lewis Dunk heading in from a corner at close range.

John Legend named People magazine's Sexiest Man Alive
That would be the dream of "having boned" the sexiest man alive, which she called "an honor!" We concur, People , we concur. While many fans celebrated Legend's new honour, as happens every year, some were hoping for another man to win the title.

Climate change, corruption blamed for Venice flood devastation
President of the Veneto region Luca Zaia said 80 percent of the city had been submerged, causing "unimaginable damage". Tourists and Venetians are taking to the streets in high boots after flooding hit much of the historic city .

Hamlin wins to clinch spot in title race
However like everyone else, he couldn't find a technique to get earlier Hamlin. "But (Hamlin) could obviously go men and women". Denny Hamlin obtained on Sunday to leapfrog Logano for the last word place within the four-vehicle championship spherical.

Mini Mercury skips across sun’s vast glare in rare transit
It's a rare transit when the planet is visible while it moves against the Sun's surface, and shouldn't be missed at any cost. According to NASA's Jet Propulsion Laboratory , Mercury "will be as close as it is going to get to the center of the Sun ".

David Villa: Former Barcelona and Valencia striker announces retirement at Vissel Kobe
Villa enjoyed a terrific professional career spanning 19 years, in which time he played in Spain , Australia, Japan and America. From then on, I will continue to enjoy all the projects we are working on with the DV7 Group.

Knicks president angling for David Fizdale firing
Once I got it rolling, Darius (Garland ), Larry (Nance Jr.), Kevin (Love ), everybody found me and it was good. And we were perhaps spared from some foul language: "Y'all are lucky I'm over FCC airwaves".

Toronto FC falls to Seattle Sounders in MLS Cup final — NewsAlert
The Dutch right back sent Benezet to the ground and fired a shot that deflected off Chris Mavinga and Justin Morrow into the goal. I'm proud for all my teammates. "I think there were some plays where guys needed to be a little bit more composed".

Saudi Aramco’s record IPO starts Nov 17, prospectus says
In August it reported $47bn of net profits for the first half of the year - more than double Apple's haul over the same period. The world's most productive organization has distributed more insights regarding its arranged securities exchange buoyancy.