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.
Such hearings are typically the first big step that kicks off new listings, with the stock’s trading debut usually following within two months of that barring any unforeseen circumstances.
Alibaba will seek to raise between $10 billion and $15 billion, compared with some of the earliest reports four months ago that put the total as high as $20 billion. The company has been listed in New York since 2014. But the Hong Kong listing would provide a second major market for investors to buy its shares, potentially including buyers on the Chinese mainland.
Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal.
Alibaba declined to comment on the matter.
The company first delayed a planned Hong Kong offering back in July, reportedly due to ongoing political tensions in the territory. But in October, reports claimed that Alibaba would seek listing approval as early as November following its annual Double 11 shopping extravaganza that will take place next Monday.
The company reported a sales increase to 119 billion yuan ($16.9 billion) during the third quarter, up 40% on a year earlier, despite the fact that China is experiencing an economic slowdown.