May 28, 2019 By Lisa
Large information has simply been launched for the Hong Kong capital markets. Alibaba, one of many world's largest expertise corporations, plans to boost $ 20 billion by a second itemizing in Hong Kong, Bloomberg reported on Monday, citing sources.
TechCrunch has contacted Alibaba for remark and can replace the story if and after we would have extra data.
Unnamed individuals instructed Bloomberg that the funds raised in Hong Kong have been supposed to assist Alibaba "diversify funding channels and enhance liquidity." Based on the report, the Chinese language e-commerce big plans to file an software in confidence within the second half of 2019. This is able to happen 5 years after Alibaba recorded a file $ 25 billion itemizing on the New York Inventory Alternate after Hong Kong refused to approve its submitting as a result of guidelines referring to the corporate's construction.
However the Hong Kong Inventory Alternate is changing into an more and more well-liked vacation spot for public choices that deliver Chinese language expertise corporations nearer to residence buyers, as my colleague Jon Russell defined in 2017. The turning level was decisive when the inventory market lastly launched inventory lists to 2 technological courses. Final 12 months, HKEX was attracted by applied sciences equivalent to Xiaomi smartphone maker and Meituan Dianping meals supply service.
The information has additionally come at a time when Chinese language expertise corporations are dealing with rising hostility to the USA as a part of a sequence of extended commerce negotiations. Simply final week, China's largest chip maker introduced plans to tug out of the New York Inventory Alternate and deal with its current itemizing in Hong Kong.