Alibaba poised for record HK IPO - sources
Chinese e-commerce giant Alibaba is poised to launch a Hong Kong share sale expected to raise up to $13.4 billion as soon as Thursday, according to sources.
David Pollard reports.
Alibaba is in record-breaking mood.
Fresh from the 38 billion dollars of sales at its Singles' Day shopathon confirmed on Monday (November 11) ... Sources tell Reuters it's to go for the world's biggest cross-border secondary share listing - in Hong Kong, as early as Thursday (November 14).
It already holds the record for the biggest primary listing - for its 2014 Wall Street debut.
At a possible 13.4 billion dollars, the new listing would be a bit smaller than the 15 billion expected back in August.
Amid protests in Hong Kong, that's when the e-commerce giant temporarily shelved the plan.
Despite a recent spike in violence, Alibaba is now - according to one source - confident it can overcome negative sentiment.
Up to 500 million primary shares could be offered - diluting existing shareholdings by close to 3 per cent.
Though the Hong Kong shares may come at a discount to their U.S. peers.
They've seen a rise of 36 per cent this year.
For an auspicious start in Hong Kong, Alibaba has reportedly chosen the stock code 9988.
Combining two of the luckiest numbers for Chinese speakers - to symbolise long-lasting prosperity.