Alibaba shelves $15 billion Hong Kong-listing amid protests

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Alibaba shelves $15 billion Hong Kong-listing amid protests

Alibaba Group Holdings Ltd., the biggest e-commerce company in China holding more than 65 percent market share at a much-monopolized Chinese e-commerce industry, had decided to delay its proposed listing in Hong Kong’s Hang Seng, as political unrest had been growing in the China-controlled Asian financial HubSpot with no end of saga in sight, at least two people familiar with the subject-matter had unveiled on Wednesday (August 21st) in terms of anonymity as the sources had not been authorized to speak about the issue on public.

Apart from that, one of the two sources had been quoted saying later on Wednesday (August 21st) that Alibaba had yet to set a new timetable for its potential listing in Hong Kong stock exchange, however, Alibaba officials including its founder, Jack Ma, had been mulling whether the Chinese e-commerce goliath could launch the deal as early as by October this year.

Besides, the source had also added that Alibaba executives had still been seeking to raise as much as $10 to $15 billion in its IPO in the Hang Seng, nonetheless, the target range had become a subject to political tensions in Hong Kong alongside condition of the China-controlled public trading market, said one of the sources.

Further into the bid, the second spokesman had been quoted saying on Wednesday (August 21st) that Alibaba’s decision to delay its Hong Kong listing had been taken at a closed-door boardroom meeting before release of Chinese e-commerce mogul’s quarterly earnings’ report last week.