Friday, Jul 10, 2020 | Last Update : 04:54 AM IST

107th Day Of Lockdown

Maharashtra2305991272599667 Tamil Nadu122350741671700 Delhi104864781993213 Gujarat38419273131994 Uttar Pradesh3115620331845 Telangana2953617279324 Karnataka2887711878471 West Bengal2482316291827 Andhra Pradesh2381412154277 Rajasthan2221216877489 Haryana1936414505287 Madhya Pradesh1634112232634 Assam14033872724 Bihar139789792109 Odisha11201740767 Jammu and Kashmir92615567149 Punjab71404945183 Kerala6535370828 Chhatisgarh3526283514 Uttarakhand3305267246 Jharkhand3192217022 Goa203912078 Tripura177313241 Manipur14357930 Puducherry120061916 Himachal Pradesh110182510 Nagaland6733030 Chandigarh5234037 Arunachal Pradesh2871092 Mizoram2031430 Sikkim134710 Meghalaya113451
  Business   Companies  13 Nov 2019  Alibaba poised to launch record-breaking USD 13.4 bin Hong Kong share sale: sources

Alibaba poised to launch record-breaking USD 13.4 bin Hong Kong share sale: sources

REUTERS
Published : Nov 13, 2019, 4:43 pm IST
Updated : Nov 13, 2019, 4:43 pm IST

The deal would be the world’s biggest cross-border secondary listing - will be seen as a boost for Hong Kong.

All three sources declined to be identified because the information was not yet public.
 All three sources declined to be identified because the information was not yet public.

Chinese e-commerce giant Alibaba Group is poised to launch a Hong Kong share sale expected to raise up to USD 13.4 billion as soon as Thursday, according to two sources with knowledge of the discussions.

The deal - which would be the world’s biggest cross-border secondary listing - will be seen as a boost for Hong Kong, which has sunk into its first recession in a decade as more than five months of street protests and worries about the US-China trade war took their toll.

While Alibaba executives are preparing for a Thursday launch, another source said the timing could slip depending on developments in the protests.

All three sources declined to be identified because the information was not yet public.

An Alibaba spokeswoman declined to comment on the company’s listing plans.

It had been planning to sell the shares earlier this year but in August postponed the deal as the anti-government protests rocking the city since June became increasingly violent.

The third source said Alibaba was confident that the company could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations.

The deal had been initially expected to raise up to USD 15 billion, but the source said the company would sell up to 500 million primary shares in the listing. Including a typical “greenshoe”, or overallotment option, to sell some extra shares, the sale could raise up to USD 13.4 billion.

A sale of that size will dilute existing shareholders by 2.8 per cent and investors will be able trade shares between the two exchanges, the source said.

Tags: alibaba, profit, shares, deal