Marcos Brindicci/Reuters
- Alibaba has reportedly filed to list on the Stock Exchange of Hong Kong in an offering that could raise $20 billion.
- The China-based ecommerce conglomerate raised more than $20 billion from its initial public offering on the New York Stock Exchange more than four years ago.
- Alibaba’s shares were up less than 1% early Thursday.
- Watch Alibaba trade live.
Alibaba, Amazon’s largest competitor in China, has reportedly filed confidentially to list on the Hong Kong stock exchange. Bloomberg first reported the news.
The listing could raise as much as $20 billion, but the official amount hasn’t been determined yet, according to the report. Alibaba’s listing on the New York Stock Exchange in September 2014 raised a staggering $21.7 billion and still holds the lofty designation of the largest offering in US history.
Aliabab’s current market capitalization is $418 billion as it stands now, and the company generated $54.4 billion in revenue in fiscal 2019.
Similar to Amazon, Alibaba operates a variety of business units ranging from ecommerce sales through its AliExpress brand to financial services under Ant Financial. Chinese companies like Alibaba have been wedged in between the trade war with the US and China.
The US federal government recently imposed a ban on Huawei, the world’s largest manufacturer of telecommunications equipment and second largest smartphone maker, preventing US-based tech giants such as Microsoft and Alphabet from working with the company.
Credit Suisse Group AG and China International Capital Corp. are expected to lead Alibaba’s Hong Kong offering, according to the report.
Alibaba shares are up 19.93% this year.
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Source: Business Insider – feedback@businessinsider.com (Daniel Strauss)