SHANGHAI: Chinese online business pioneer Alibaba Group is investigating a potential second posting in Hong Kong that could raise $20 billion as Beijing tries to urge its tech titans to list nearer to home, a report on Tuesday said.
US-recorded Alibaba is expecting to document an application in Hong Kong as ahead of schedule as the second 50% of 2019, Bloomberg News revealed, citing unidentified individuals with learning of the plans.
The posting would be expected to open up new financing channels for Alibaba, whose 2014 posting in New York brought $25bn up on the planet’s biggest first sale of stock. An Alibaba representative declined remark to AFP, saying the organization does not react to “advertise gossipy tidbits”.
China has looked to support its present and future enormous tech firms to list closer to home, including by means of an arranged innovation board in Shanghai that would be China’s response to the Nasdaq trade.
The moves accompany China and the United States secured a heightening exchange fight which Washington has restricted US organizations from providing innovation to Chinese telecom and cell phone mammoth Huawei.
The Trump organization suspects Huawei has connections to China’s military, which could enable Beijing to get to touchy information on worldwide systems that utilization Huawei gear.