Although strong Chinese buying on Alibaba's Singles' Day shopping festival should have pleased Asian share buyers, the trading sentiment is otherwise amid an overall rush to risk-safety ahead of the European session opening on Monday.
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. While it has been public in the United States on the New York Stock Exchange for about five years, the company is now pursuing a public listing of its shares on the Hong Kong Stock Exchange as well.
Alibaba has capitalised on the Chinese consumer's like of e-commerce to dominate the sector in China and turn into just one of the world's most useful corporations. 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.
Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion.
Alibaba, which is by now listed on New York's Nasdaq, had deliberate to checklist in the summertime months however generally known as it off owing to the town's extensive-managing pro-democracy protests and the China-US commerce warfare.
Disney Plus suffers technical difficulties at launch
That means if you miss your chance to watch Frozen II in theatres, you'll only be able to watch it on Disney Plus . Disney is also offering a $13 package bundling Disney Plus with two other services it owns, Hulu and ESPN Plus.
Jordan to retake lands leased by Israel
In October previous year however, Jordan's King Abdullah said his country had notified Israel that it wants them back. Baqura, known in Hebrew as Naharayim, lines on a spit of land where the Jordan and Yarmuk rivers meet.
Colorado DACA students anxiously await Supreme Court decision
The Supreme Court heard arguments Tuesday on the DACA program, which covers 700,000 young people. However, I don't think anyone expects him to side with the four liberals in this case.
Up to 500 million primary shares could be offered - diluting existing shareholdings by close to 3 per cent.
Alibaba gained approval from the Hong Kong stock exchange's listing committee on Tuesday and is kicking off a week-long roadshow on Wednesday, according to the South China Morning Post. A successful Hong Kong share sale could also help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat-operator Tencent Holdings Ltd.
Alibaba holds the world record for an initial public offering (IPO) with its US$25 billion NY flotation in 2014, but could shortly lose the crown to Saudi Arabia's Aramco. But Alibaba's shares in NY ended down 0.24% on Monday, slightly underperforming the wider market. Alibaba aims to price the offering before USA market open on November 20 and start trading in Hong Kong on November 26, the terms show.
Alibaba has, however, been working to ensure the deal's success in other ways, having chosen the stock code 9988, according to the two sources.