BREAKING NEWS

Alibaba poised to launch record-breaking $15 billion Hong Kong share sale - sources

Alibaba poised to launch record-breaking $15 billion Hong Kong share sale - sources
FILE PHOTO: A logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, China, November 11, 2019. REUTERS/Aly Song -
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ALY SONG(Reuters)
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HONGKONG (Reuters) – Chinese e-commerce giant Alibaba Group <BABA.N> is poised to launch a Hong Kong share sale expected to raise up to $15 billion (11.7 billion pounds) as soon as Thursday, according to two sources with knowledge of the discussions.

While Alibaba executives are preparing for a Thursday launch, sources said the timing could slip depending on developments in Hong Kong’s ongoing protests.

The deal – the world’s biggest cross-border secondary listing – will be seen as a boost for Hong Kong, which recently entered its first recession in a decade as more than five months of street protests and worries about the U.S.-China trade war take their toll.

Alibaba did not immediately respond to a request for comment.

The company had been planning to sell the shares earlier this year but in August postponed the deal as the protests rocking Hong Kong since June became increasingly violent.

(Reporting by Scott Murdoch; Writing by Jennifer Hughes; Editing by Carmel Crimmins and Christopher Cushing)

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