Alibaba halves its Hong Kong fundraising target amid gloomy market sentiment

Its US IPO was a huge deal in 2014.

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Alibaba halves its Hong Kong fundraising target amid gloomy market sentiment

Chinese tech giant Alibaba had hoped to raise USD 20 billion via a secondary listing in Hong Kong but now it has lowered that target to USD 10 billion as the market there is bearish now, reported qq.com on Friday, one of the leading online news portals in China, owned by Tencent.

Alibaba filed its initial public offering application with the Hong Kong bourse in June, planning to get listed in September, said QQ.com, citing different sources close to the matter.

Alibaba said it would “not comment on market rumors” when contacted by KrAsia on Friday.

Chinese tech giant Alibaba had announced a one-to-eight share split plan ahead of its secondary listing in Hong Kong to “increase the flexibility” for the company’s future capital market activities, it said at that time. A share split would allow more investors to buy in, but the plan still has to be agreed on by vote at Alibaba’s annual general meeting in Hong Kong on July 15.

The e-commerce giant went public in New York in 2014, raising USD 25 billion in its initial public offering, which is still considered the largest IPO in the word.