Online shopping company Alibaba is preparing to sell shares of stock in Hong Kong in a move investors hope will calm a market shaken by protests.
Alibaba Group Holding Ltd., a New York-listed Chinese internet company, launched the share sale for its listing in Hong Kong in an attempt to raise over $11 billion to fund its expansion efforts. With an offering of 500 million shares, the sale would be the city's largest equity offering since 2010, according toUnderwriters for the deal have a so-called"greenshoe option" to offer an additional 75 million shares.
Alibaba's move into Hong Kong was delayed by the summer's pro-democracy protests in the city, although the company had planned a Hong Kong listing for years. Over 2,300 people have been jailed in connection with the protests. Hong Kong has also fallen into a recession, according to"We viewed Hong Kong as strategically important to us," said Alibaba's head of corporate finance Michael Yao."It's one of the most important financial centers.
China has also been involved in a trade war with the U.S., during which tariffs enacted by the Trump administration cost China $35 billion during the first half of 2019, according to
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