Alibaba is poised to sell its shares in a Hong Kong secondary listing, a vote of confidence that the company could overcome negative sentiment in the city's financial markets caused by months of street protests
HONG KONG - Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans.
It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China. The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows.The Hangzhou-based company said Alibaba Cloud was currently the world’s third largest Infrastructure as a Service business, by U.S. revenue in 2018, according to a study by Gartner.
Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the U.S.-China trade war in the next few weeks helped the company undertake the listing now.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alibaba readies $13 billion Hong Kong listing before the end of NovemberAlibaba will issue 500 million new ordinary shares plus 75 million 'greenshoe' options, and will stay listed in New York.
Read more »
Alibaba Files for Secondary Listing in Hong KongHong Kong’s stock exchange has approved Alibaba’s application for its secondary listing. The Chinese retailer plans to begin a roadshow for prospective investors for the $10 billion to $15 billion deal.
Read more »
Factbox: What people in Hong Kong are saying after days of violenceQuotes from people in Hong Kong's central and financial districts and East ...
Read more »
Violence brings Hong Kong to 'brink of total breakdown': policeViolence brings Hong Kong to 'brink of total breakdown': police via clarejim JessiePang0125
Read more »
Police, protesters face off in renewed clashes in Hong KongPolice in Hong Kong have fired tear gas at protesters who littered streets with bricks and disrupted trains as the territory's five months of anti-government demonstrations have turned increasingly violent.
Read more »
Flash mob wreaks havoc in heart of Hong Kong financial districtFlash mob wreaks havoc in heart of Hong Kong financial district, hours after police fire tear gas at a university campus by clarejim MZaharia
Read more »