China’s biggest e-commerce company Alibaba has filed confidentially for a Hong Kong listing that could raise up to US$20 billion in Q3. If the deal goes ahead it would be the biggest follow-on share sale globally in seven years.
The funds would give Alibaba funds for technology investment, a priority for China as economic growth slows and the trade dispute with the US intensifies.
Alibaba holds the record for the world’s largest IPO with its $25 billion float in New York five years ago.
Japan’s SoftBank Group is Alibaba’s largest shareholder with a 28.7 per cent stake.
