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.