Chinese e-commerce giant Alibaba Group is planning an initial public offering in Hong Kong as early as this November looking to raise up to $15 billion, Reuters reported, citing people with knowledge of the matter.
Why it matters: There have been multiple rounds of speculation about Alibaba’s dual listing in Hong Kong.
This time the fundraise amount is smaller than earlier reports, and the timeframe accelerated, following plans to list in August were suspended due to market uncertainties caused by months-long protests in the city.
Alibaba’s listing would boost the status of Hong Kong as a major capital markets hub.
Hong Kong’s stock exchange has been hit hard by the unrest, with IPO proceeds plunging nearly 43% year on year as of mid-October.
Details: Alibaba plans to seek listing approval from the Hong Kong stock exchange shortly after the Chinese e-commerce giant’s massive online retail promotion on Nov. 11 called Singles Day.