May 28, 2019

Alibaba weighs $20 billion secondary offering in Hong Kong

Illustration: Sarah Grillo/Axios

Alibaba is considering a $20 billion secondary offering in Hong Kong, five years after raising $25 billion via an IPO in New York, according to Bloomberg.

What to watch: First, this may be as much about rising trade tensions between the U.S. and China as it is about raising capital. Floating in Hong Kong could further strengthen ties between Alibaba and Beijing, while also providing some regulatory risk mitigation in the U.S.

  • Hong Kong recently relaxed its listing rules to include such things as dual-class shares. Alibaba had proven unable to get HK approval for its governance structure the last time around but, if successful now, it could pour accelerant onto HK's tech listings business.
  • Get it while the going is good. Or, as Axios' Felix Salmon puts it: "I think it makes sense to tap public markets right now. Frankly I'm surprised everyone isn't doing it."

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Bernie Sanders wins Nevada caucus

Democratic presidential candidate Sen. Bernie Sanders waves to supporters at a campaign rally on Friday in Las Vegas. Photo: Mario Tama/Getty Images

Sen. Bernie Sanders is projected to handily win the Nevada Democratic primary caucus, becoming the clear frontrunner among 2020 Democratic presidential primary election candidates.

Why it matters: Nevada is the first state with a diverse population to hold a nominating contest, highlighting candidates' abilities to connect with voters of color — particularly Latino voters.

Go deeperArrowUpdated 2 hours ago - Politics & Policy

South Korea and Italy see spikes in coronavirus cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus has spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting these are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the United States.

The big picture: COVID-19 has now killed at least 2,362 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel and Lebanon, while Iran reported its sixth death from the virus. South Korea's confirmed cases jumped from 204 Friday to 433 on Saturday and Italy's case count rose from 3 to 62 by Saturday.

Go deeperArrowUpdated 6 hours ago - Health

America's rundown roads add to farmers' struggles

Illustration: Sarah Grillo/Axios

American farmers are struggling to safely use the roads that cut through their fields; decades of neglect and lack of funding have made the routes dangerous.

The big picture: President Trump has long promised to invest billions in rural infrastructure, and his latest proposal would allocate $1 trillion for such projects. Rural America, where many of Trump's supporters live, would see a large chunk of that money.