Hong Kong's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned US$15 billion listing in the city, ...
HONG KONG: Hong Kong's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned US$15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering several timetables.
Two sources involved in the deal and one other briefed on Alibaba's discussions described the company's thinking on the deal as"fluid" and said Alibaba was considering several timetables.The Hong Kong listing deal was estimated at up to US$20 billion, but is more likely, according to sources close to the deal, to raise between US$10-US$15 billion.
Under the circumstances, when Alibaba lists becomes crucial as it sends a signal to the rest of the world on the state of Hong Kong as a business and financial centre and provides a window into China's reading of the situation. Alibaba's Hong Kong listing is also sensitive for China, which has been working to give mainland investors a bigger role in funding the country's fast-growing tech sector.
But the inclusion of Alibaba's Hong Kong shares in the Stock Connect is not guaranteed because the scheme does not yet allow mainland buying of companies which have weighted their voting rights in favour of founders, such as smartphone maker Xiaomi and Meituan Dianping, the online food delivery-to-ticketing firm. Both took advantage last year of another Hong Kong rule change to float in Hong Kong with weighted voting rights structures.
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