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

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

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.

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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.

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