Alibaba Eyes $15 bn listing in potential Hong Kong IPO

10 Novembre, 2019, 16:25 | Auteur: Auguste Feret
  • The United States-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee this week two people with direct knowledge of the matter said

According to Chinese media reports, internet giant Alibaba is ready to start pre-IPO roadshows in Hong Kong next week.

Alibaba's bookbuilding and listing is expected to take pack in the week beginning on November 25, according to the sources. However, Alibaba declined to comment on the issue.

Alibaba is on the lookout to scoop up among $10 billion and $15 billion in the original public supplying, Bloomberg Information cited unnamed resources as indicating, and is on the lookout to hold a listening to into the move-as mandated by the Hong Kong exchange rules-next 7 days.

What you should know: If Alibaba realises up to the planned $15 billion IPO, it will be the biggest IPO since insurance company, AIA Group Limited which raised $20.5 billion in 2010.

That would be a welcome change for domestic Chinese investors who, because of an effective bar to owning shares overseas, have not been able to share in the success of Alibaba, and the other successful Chinese tech companies listed overseas.

However, it is lower than the US$20 billion it had aimed to raise initially. Alibaba previously mentioned that the Company is looking to expand into less developed regions as its retail sales continue to slow down.

Despite months of ongoing pro-democracy protests, Hong Kong's stock market has chugged along.

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The listing could yet be delayed, however, if the protests worsen once more.

The new timing means the company will have an opportunity to show prospective investors its most recent sales figures after Monday's Singles Day, mainland China's largest annual online shopping day.

Alibaba's sales a year ago reached $30bn on the day, which was more than three times as large as Cyber Monday, the equivalent shopping day in the US.

The company reported a sales increase to 119 billion yuan ($16.9 billion) during the third quarter, up 40% on a year earlier, despite the fact that China is experiencing an economic slowdown.

Alibaba will next week appoint more banks to help sell its shares in Hong Kong, the sources said.

Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal. Major investment banks, led by Morgan Stanley and Goldman Sachs, are jockeying for the most senior positions behind those two.

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