Alibaba Group is planning to raise as much as $20 billion through a second listing in Hong Kong, three sources told Reuters, in another blockbuster deal after its record $25 billion public float in New York in 2014, reported Reuters.
The e-commerce giant is working with financial advisers on the offering and is aiming to file an application in Hong Kong as early as the second half of 2019, said the sources. Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion.
Hong Kong was Alibaba’s initial preference for its IPO, but it had refused to accept the company’s governance structure, where a self-selecting group of senior managers control the majority of board appointments. Then early last year when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would “seriously consider” a listing on its exchange.
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