Citigroup, JPMorgan & Morgan Stanley to oversee Alibaba's Hong Kong listing

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Citigroup, JPMorgan & Morgan Stanley to oversee Alibaba's Hong Kong listing

Chinese multinational e-commerce platform, Alibaba Group Holdings Corp. of former Chair Jack Ma, a salesman turned into a billionaire business entrepreneur, had extended its investment banking syndicate and added leading US lender Citigroup, JP Morgan Chase & Co.

alongside Morgan Stanley in a bid to work on its slated public listing in the Hong Kong Stock Exchange as early as by the last week of November this year aimed at raising a figure between $10 billion to $15 billion despite a multi-month long protests in Hong Kong which had almost crippled the Asian’s business centre HubSpot and forced hundreds of thousand of potential investors to channel their cash into Singapore, at least three people familiar with the matter had unveiled on Friday, the 8th of November 2019, on condition of anonymity as the sources were not authorized speak over the matter on public.

In point of fact, latest breakthrough development on Alibaba’s Hong Kong public offering, which was first reported in a Bloomberg report published earlier on Saturday, the 9th of November 2019, comes over the heels of Thursday’s (November 7th) media headlines which had reported that the Chinese multinational e-commerce giant had been seeking to expand its banking syndicate.

Nonetheless, while being asked about the subject-matter, representatives of Alibaba, JP Morgan alongside Morgan Stanley had declined to comment, while a Citigroup spokesman was quoted saying that it was against the US lender’s policy to comment on an ongoing talk.