Alibaba will reportedly kick off its Hong Kong IPO tomorrow, and could raise up to $15 billion
- Multiple news reports say Alibaba got the go-ahead to go public for the second time with a Hong Kong listing later this month and could raise as much as $15 billion.
- Reuters said Alibaba would start the process of going public as soon as Thursday, while Bloomberg said that 500 million shares would be listed.
- The Financial Times and the South China Morning Post said that the retail giant plans to start trading on November 25, with the price set on November 20.
- If it does raise $15 billion, it would be the 10th largest IPO on record, with its New York listing of $25 billion the largest to date.
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Alibaba, the Chinese internet retail giant, got the go-ahead to go public for the second time with a Hong Kong listing later this month and could raise up to $15 billion, multiple news reports said.
Alibaba just smashed its singles day, earning $38.5 billion from its version of Amazon Prime day, crushing last year's $30.8 billion figure.Earlier this year, billionaire founder Jack Ma stepped down from the top job of the retail giant, handing over to Daniel Zhang. Bloomberg said that by listing in Hong Kong, Alibaba could further Zhang's push to expand in Asia, as well as court favor with Beijing.
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