Alibaba halves its Hong Kong fundraising target amid gloomy market sentiment

Written by Song Jingli Published on 

Its US IPO was a huge deal in 2014.

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 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, 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.


You might like these

  • Insights

    WhatsApp tip-toes privacy policy in India as Facebook pushes its new hosting service


    Moulishree Srivastava

    21 Jan 2021    12:14 PM

KrASIA InsightsKrASIA Insights

  • A growing presence of digital banks in Indonesia will encourage innovation and digitalization of financial services, expert say.


    Digital banking to gain a foothold in Indonesia in 2021

    By Khamila Mulia

    20 Jan 202101:05 AM

Most PopularMost Popular

See All