×
You will be redirected back to your article in seconds

Alibaba Takes New Step Towards Hong Kong Stock Listing (Report)

Chinese e-commerce giant Alibaba may have secretly made an application for a secondary listing of its shares on the Hong Kong Stock Exchange, according to a report Thursday from Bloomberg. The company is currently listed on the New York Stock Exchange following a 2014 IPO that raised $25 million of new capital.

A secondary listing in Hong Kong could provide further cash — $20 billion is a figure that has been widely circulated, though is not confirmed by the company — which would potentially be used in its battle with Meituan Dianping for market share in services within China.

A Hong Kong listing would also open the company’s shares to being bought and sold by everyday Chinese investors, through the Mainland-Hong Kong stock connect system. It would also maintain Alibaba’s access to equity markets in the event that the U.S.-China trade war descends to the point where the Donald Trump regime prevents trading of Chinese companies on U.S. capital markets.

A filing from Alibaba has not yet been made public on the Hong Kong Stock Exchange’s website.

Similarly, Alibaba has offered no comment on the latest reports. Though the Alibaba-owned South China Morning Post this week reported that the company had appointed investment banks CICC and Credit Suisse to lead the potential share sale.

In New York, Alibaba ADR shares have dipped to $160.04, down 18% from their recent peak of $195.21 on May 3. Analysts report that that decline reflect growing fears about the trade war as well an over-hang of Alibaba stock being sold this quarter by Altaba, a company set up to house Yahoo’s Alibaba stake, before Yahoo was sold to Verizon.

More Biz

  • Harvey Weinstein legal team

    Harvey Weinstein Loses Another Defense Lawyer

    Harvey Weinstein has lost another defense lawyer, just three months before he is set to go on trial for rape and sexual assault. Attorney Jose Baez told the judge overseeing the case that Weinstein had taken actions that made it difficult to represent him, according to a letter obtained by the New York Post. Baez [...]

  • https://pmcvariety.files.wordpress.com/2019/06/kindred_spirits_2019_v7.jpg

    Kindred Spirits Host Fundraiser for Child Refugees

    The Kids Entertainment Professionals for Young Refugees will host its third annual Kindred Spirits fundraising campaign this month on behalf of UNICEF and in coordination with World Refugee Day, which is Thursday. The grassroots, volunteer organization’s online fundraiser will take place from June 14-27, and 100% of every donation made will benefit UNICEF. “We call [...]

  • Vid Angel

    VidAngel Hit with $62.4 Million Judgment for Pirating Movies

    A jury on Monday ordered VidAngel to pay $62.4 million to Disney, Fox, and Warner Bros. for streaming hundreds of movies on its service without permission. The verdict is potentially a death blow to the Utah-based company, which sought to allow family audiences to watch Hollywood fare while skipping past violence, sex, and other objectionable [...]

  • Nicholas Sparks

    Nicholas Sparks Apologizes, Explains Opposition to LGBT Club

    Romance writer Nicholas Sparks issued an apology on Monday for remarks he made in 2013 opposing the formation of an LGBT club at his Christian school. In an email published last week by the Daily Beast, Sparks faulted Saul Benjamin, who was then the headmaster of the Epiphany School of Global Studies, for pushing an [...]

  • Game of Thrones Season 8 Production

    'Game of Thrones,' Netflix VFX Among Those to Be Featured in SIGGRAPH Production Talks

    VFX pros behind the final season of “Game of Thrones,” the blockbuster film “Avengers: Endgame,” Pixar’s upcoming “Toy Story 4,” last year’s Oscar-winning “Spider-Man: Into the Spider-Verse,” Netflix series, including “Stranger Things,” and more will give SIGGRAPH 2019 attendees a behind-the-scenes look at their work during the conference’s Production Sessions. There will even be a [...]

  • welcome home Apple Ad

    Cannes Lions Takes Place in Time of Change for Ad World

    The ad industry gathers June 17-21 for its annual celebration of commercials, marketing and creativity, the Cannes Lions in the French Riviera. It does so against a backdrop of ongoing and profound upheaval within the world of advertising. The share prices of all the major ad groups, such as WPP, Publicis and Omnicom, are down [...]

  • R&B Singer Ann Marie Signs With

    R&B Singer Ann Marie Signs With Interscope Records (EXCLUSIVE)

    Chicago-based R&B singer-songwriter Ann Marie, known for her hit “Secret” with YK Osiris, has signed with Interscope Records, the company announced exclusively to Variety today. “Ann Marie is the prototype for today’s artist,” says Nicole Wyskoarko, the label’s EVP of urban operations. “She’s developed and cultivated a dedicated fan base using the tools of today [...]

More From Our Brands

Access exclusive content