July 5, 2020

Green light for Alibaba's IPO in Hong Kong, according to media

Chinese e-commerce giant Alibaba will star in Hong Kong's second IPO, following the 2014 one in New York, after the parquet management approved the group's request, the Hong Kong newspaper South China Morning Post reported today.

That newspaper, owned precisely by Alibaba, ensures that the operation will sell up to 117,000 million Hong Kong dollars (14,942 million dollars, 13,571 million euros) in new shares.

Alibaba will now have a week to try to attract the attention of investors, since on November 20 the price of each share will be marked and on the 25th they will start trading in the Hong Kong square, according to sources close to the process.

For now, neither the Hong Kong Stock Exchange nor Alibaba have confirmed this information, although last July the company approved to split in eight of each of its titles to "have more flexibility to raise capital, also by issuing more shares" .

The entrance to the Hong Kong parquet was, according to 2013, the co-founder of the firm Joe Tsai, the "first natural choice" of Alibaba, although the conditions finally led to New York, where in 2014 he starred in the largest IPO of history

However, in recent years the British excolonia market has carried out a series of reforms, including one that allows firms that are already listed in London and New York to request to go public in Hong Kong confidentially.

The group, founded by billionaire Jack Ma twenty years ago, began selling its shares in the New York Plaza for 68 dollars (61.75 euros), a price that rose to 186.97 (169.78 euros) at the close of the session from yesterday.

This quote places the leader in Internet retail in China as the largest company in Asia and seventh in the world, with a market value of 486.8 billion dollars (442.035 million euros).

The good news for the group continues, since in its last fiscal quarter its net profit skyrocketed 226.6% year-on-year and on the last Single Day – shopping festival held every November 11 – it managed to sell 26% more than in the one of 2018.

. (tagsToTranslate) Light (t) exit (t) Alibaba (t) Hong (t) Kong

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