Alibaba launches US$13.4b Hong Kong listing to fund expansion

Riot police and protesters facing off during a protest in Hong Kong yesterday. The city is facing its worst business outlook since the 2008 financial crisis and a plunge into recession

Alibaba Group Holding Ltd. has passed a hearing with the Hong Kong stock exchange, according to a person familiar with the process, marking the clearest step yet of the e-commerce giant's intent to list in the former British colony to complement its current NY listing.

The pricing of Alibaba's Hong Kong shares won't come at a huge discount to its USA -traded stock to minimize the opportunity for arbitrage, a senior banker directly involved in the listing told Caixin, also speaking on condition of anonymity due to the sensitivity of the situation.

It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China.

The South China Morning Post noted that Hong Kong's government has pushed Alibaba hard, with Chief Executive Carrie Lam personally calling on the company's co-founder and former executive chairman Jack Ma to persuade him to consider a listing there.

The Hangzhou-based company's listing application was approved by Hong Kong Exchanges & Clearing, media reported, citing sources on Wednesday.

The New York-listed tech giant is offering 500 million new shares, according to terms for the deal obtained by Bloomberg on Wednesday.

President's rule imposed in Maharashtra, Shiv Sena moves SC
India's ruling Bharatiya Janata Party ( BJP ) had contested elections with its 30-year old alliance partner Shiv Sena party. Advocate Sunil Fernandes, who is representing the Shiv Sena, said that the party had preferred not to mention its plea.

Uncertainty surrounding the trade deal between the United States (US) and China, considering the US-side step back from tariff reversal, triggered the initial risk-off which got an additional boost from the news of increased protests in Hong Kong.

A sale of that size will dilute existing shareholders by 2.8% and investors will be able trade shares between the two exchanges, the source said. But it would fall well short of the $25 billion Alibaba raised in its 2014 NY listing, a world record that could soon get trumped by the upcoming IPO of Saudi Arabian oil giant Saudi Aramco, which could be worth as much as $40 billion.

A subsequent itemizing in Hong Kong will even curry favour with Beijing, which has sought to stimulate its present-day and foreseeable future big tech companies to checklist nearer to residence after the discount of corporations these as Alibaba and Baidu to Wall Highway. However, it's diminished than the $20 billion it had aimed to lift initially.

Alibaba will lodge its US regulatory filings and publish a preliminary prospectus for the deal on Wednesday evening on the Hong Kong Stock Exchange website.

Fresh from the 38 billion dollars of sales at its Singles' Day shopathon confirmed on Monday (November 11). But Alibaba's shares in NY ended down 0.24% on Monday, slightly underperforming the wider market.

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