Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Alibaba's 2014 listing in New York raised $25 billion in the world's largest IPO/AFP

Enterprise

Alibaba eyes $20 bn second listing in HK: report

Alibaba’s 2014 listing in New York raised $25 billion in the world’s largest IPO/AFP

SHANGHAI, China, May 28 – Chinese e-commerce leader Alibaba Group is exploring a potential second listing in Hong Kong that could raise $20 billion as Beijing seeks to encourage its tech titans to list closer to home, a report on Tuesday said.

US-listed Alibaba is aiming to file an application in Hong Kong as early as the second half of 2019, Bloomberg News reported, quoting unidentified people with knowledge of the plans.

The listing would be intended to open up new funding channels for Alibaba, whose 2014 listing in New York raised $25 billion in the world’s largest initial public offering.

An Alibaba spokesperson declined comment to AFP, saying the company does not respond to “market rumours”.

China has sought to encourage its current and future big tech firms to list nearer to home, including via a planned technology board in Shanghai that would be China’s answer to the Nasdaq exchange.

The moves come with China and the United States locked in an escalating trade battle in which Washington has banned US companies from supplying technology to Chinese telecom and smartphone giant Huawei.

The Trump administration suspects Huawei has links to China’s military, which could allow Beijing to access sensitive data on global networks that use Huawei equipment.

Alibaba has capitalised on the Chinese consumer’s love of e-commerce to dominate the sector in China and become one of the world’s most valuable companies.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...