Nov 20, 2019

Alibaba Group raises $11.2 billion in Hong Kong listing

Illustration: Aïda Amer/Axios

Alibaba Group raised around $11.2 billion via a secondary share sale in Hong Kong.

Why it matters: It's the largest Hong Kong listing in nearly a decade and returns Alibaba to the exchange where it first listed in 2007 (later it went private and then IPO'd in New York).

Yes, but: Alibaba priced shares at nearly a 3% discount to where they closed trading Tuesday on the NYSE, preventing this from becoming one of the 10 largest global floats of all-time.

The bottom line: "The mega share sale comes as Hong Kong’s economy has been hurt by months of increasingly violent protests and growing anti-China sentiment. Alibaba’s return will please Chinese officials who’ve watched many of the country’s largest private firms flock overseas for capital." — Bloomberg

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Finger-pointing over misjudging Hong Kong

Anti-government protesters shine phone lights at police as they chant slogans in Hong Kong yesterday. Photo: Chris McGrath/Getty Images

Top Chinese leaders, including Hong Kong leader Carrie Lam, "have been managing their response" to the violent protests in Hong Kong from a villa in Shenzhen instead of using the formal bureaucratic system that's been in place for two decades, Reuters scoops.

Why it matters: Under normal circumstances, Beijing and Hong Kong communicate through the Liaison Office, "housed in a Hong Kong skyscraper stacked with surveillance cameras, ringed by steel barricades," Reuters writes. This change shows the central government isn't happy with how the Liaison Office has been handling the protests.

Go deeperArrowNov 26, 2019

Hong Kong's unemployment rises as protests heat up

Police and protesters clash in the Hung Hom district of Hong Kong on Monday. (Photo: Ye Aung Thu/AFP via Getty Images)

The unemployment rate ticked up to 3.1% in Hong Kong last month from 2.9%, according to new data released by the government on Monday.

Why it matters: The standoff between pro-democracy protestors and police isn't letting up — capping a stretch of the bloodiest clashes between police and protesters since the protests began in June. Monday's data adds to a spate of worsening economic indicators in Hong Kong, which is in the midst of its first recession in 10 years.

Go deeperArrowNov 18, 2019

Senate unanimously passes bill reaffirming support for Hong Kong autonomy

Thousands of people hold an unsanctioned march through the streets of Hong Kong. Photo: Mohd Rasfan/Getty Images

The Senate unanimously passed the Hong Kong Human Rights and Democracy Act on Tuesday to reaffirm American support for the city's autonomy.

The big picture: The bill asserts the U.S.' commitment to "democracy, human rights, and the rule of law" as it relates to Hong Kong's autonomy, according to bill sponsor Sen. Marco Rubio's description. The legislation comes amid months of violent clashes between police and protestors in Hong Kong.

Go deeperArrowNov 19, 2019