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Alibaba Eyes Hong Kong Listing as Early as November

By Simin Wen / Nov 01, 2019 01:27 PM / Business & Tech

Photo: VCG

Photo: VCG

After political unrest reportedly nixed Alibaba’s previous Hong Kong IPO attempt, the Chinese e-commerce giant is now seeking to list there as early as November, Reuters reported citing people familiar with the matter.

Alibaba aims to seek listing approval from the Hong Kong Stock Exchange following its annual “Double 11” online shopping gala on Nov. 11. It may list the stocks at the end of the month or in early December, aiming to raise as much as $15 billion, Reuters reported Wednesday.

When contacted by Caixin, Alibaba refused to comment on the potential IPO.

Alibaba first touted a Hong Kong listing in 2014 but fell afoul of the bourse’s listing rules, which did not permit companies with so-called dual-class shares. The company later secured a New York IPO.

Last year, Hong Kong regulators finally permitted dual-class firms — which weigh the voting rights of their shares in favor of company founders — to trade in the city.

In August, China’s bourses agreed to make Hong Kong-listed dual-class companies available to mainland investors via a stock connection system. The new rules finally took effect in late October. Earlier this week, Xiaomi and Meituan became the first dual-class companies to trade under the stock connection scheme.

This article has been updated with a response from Alibaba.

Related: Mainland Stock Buyers Finally Get a Taste of Xiaomi, Meituan

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