Alibaba Resumes Plan for Hong Kong Listing in a Boost for the City
Alibaba, the Chinese e-commerce giant, resumed plans to raise $10 billion or more in Hong Kong, giving the protest-racked Asian financial capital a much-needed vote of confidence. The company now expects the amount it raises to be closer to $10 billion, said a person familiar with the plans, who spoke on the condition of anonymity because the discussions were not yet public.
A Hong Kong listing would help Alibaba further its ambitions to offer a broad array of digital services in China and around the world. It competes heavily with other Chinese heavyweights, like the internet conglomerate Tencent and JD.com, a rival e-commerce company. Alibaba listed its shares in New York five years ago in the world’s largest initial public offering.
Hong Kong is a part of China that operates under its own laws, making it a critical bridge between the mainland and the rest of the world. For years, multinational companies made the city their headquarters for the region because it offered access to China’s booming economy while ensuring legal protections and the free flow of information.
