Nov 12, 2019

Alibaba moves forward with secondary stock listing in Hong Kong

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

Alibaba Group is moving forward with a secondary stock listing in Hong Kong that could raise more than $15 billion by the end of November, per multiple media reports.

Why it matters: This would rank as the ninth-largest equity float of all time, or tenth if Saudi Aramco somehow gets out first, with Alibaba's New York IPO currently in top position.

  • It also could erase protest-based concerns over Hong Kong's viability as a global financial hub, and comes as Alibaba just smashed its Singles Day record and has seen its value lead widen over rival Tencent.

The bottom line: "Alibaba had initially been working on an August listing in Hong Kong but put the deal on hold as anti-government protests left the city mired in financial and political uncertainty," write Reuters' Scott Murdoch and Jennifer Hughes.

Go deeper: Taylor Swift to perform at Alibaba's Singles Day countdown event

Go deeper

Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 6,772,361 — Total deaths: 395,703 — Total recoveries — 2,772,730Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 1,898,401 — Total deaths: 109,137 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Fauci: "Very concerned" about spread of coronavirus amid George Floyd protests — Cities offer free coronavirus testing amid protests
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.