Nov 12, 2019

Alibaba moves forward with secondary stock listing in Hong Kong

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

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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).

Go deeperArrowNov 20, 2019

Singles' Day shows how Alibaba has grown

Data: Renaissance Capital; Chart: Axios Visuals

Alibaba's Singles' Day delivered roughly $38.4 billion in sales Monday, 26% higher than the previous year's total.

The intrigue: The one-day Chinese festival, a corporate-created answer to Valentine's Day, recorded sales that were billions of dollars higher than the combined total expected from Thanksgiving, Black Friday and Cyber Monday shopping in the U.S., according to projections from Adobe Analytics.

Go deeperArrowNov 12, 2019

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