A representative for Alibaba didn’t immediately respond to requests for comment. The South China Morning Post reported the listing approval earlier on Wednesday. Alibaba’s share sale marks a triumph for Hong Kong stock exchange that lost many of China’s brightest technology stars to U.S. rivals. The city’s bourse has introduced new rules that allow dual-class shares after resisting such a change for a decade. Efforts to lure Alibaba went all the way to the top of Hong Kong’s government, with Chief Executive Carrie Lam exhorting billionaire Jack Ma to consider a listing in the city. The New York-listed Chinese giant had aimed to list over the summer before pro-democracy protests rocked the financial hub, while trade tensions between Washington and Beijing clouded the market’s outlook. It’s unclear if the violence will affect the listing process, given growing resentment toward mainland Chinese influence as well as the country’s most visible corporate symbols. Listing closer to home has been a long-time dream of Ma’s-- a move that curries favor with Beijing and hedges against trade war risks. A successful Hong Kong share sale could also help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat-operator Tencent Holdings Ltd. A successful Hong Kong debut will be another feather in the cap for Daniel Zhang, who took over as chairman from Ma in September. The former accountant is now spearheading the company’s expansion beyond Asia but also into adjacent markets from cloud computing to entertainment, logistics and physical retail.
This article is more than 6 years old
Business Maverick
Alibaba Hong Kong Listing Approved
The Alibaba Group has won approval to forge ahead with a Hong Kong share sale that could raise at least $10-billion, according to a person familiar with the matter.
Employees walk through the campus at the Alibaba Group Holding Ltd. headquarters during the annual November 11 Singles' Day online shopping event in Hangzhou, China, on Monday, Nov. 11, 2019. Alibaba's Singles' Day shopping bonanza got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of purchases in less than 90 minutes, the equivalent of more than half of last years record haul for the 24-hour event. Photographer: Qilai Shen/Bloomberg