Report: Alibaba's Hong Kong Listing Is Imminent

Alibaba Group Holding Limited BABA is preparing to list its shares for trading on the Stock Exchange of Hong Kong as early as November, Reuters reported, citing unnamed sources familiar with the matter. 

What Happened

Alibaba had been planning to list in Hong Kong earlier in the year, but suspended its plans due to political unrest in the Chinese special administrative region.

The e-commerce company could seek listing approval after the company's Singles Day event Nov. 11, according to Reuters. Alibaba is aiming to raise between $10 billion and $15 billion. 

Singles Day, or Guanggun Jie, is a Chinese shopping holiday for young people to celebrate the pride of being single. It has grown to become the largest shopping holiday globally, dwarfing the combined sales of Black Friday and Cyber Monday in the United States. Last year, Alibaba reported sales of $30 billion on Singles Day.

Why it Matters

Alibaba’s latest interest in offering its shares for trading on the Hong Kong stock exchange comes after the exchange reviewed its listing rules in 2018 to attract high-profile tech companies looking to go public.

The previous listing rules had discouraged Alibaba from listing in the city around the time that the company went public on the New York Stock Exchange in 2014. The rules at the time wouldn’t allow Alibaba’s dual-class structure.

Anheuser Busch Inbev NV BUD is the city’s most recent high-profile listing. The beer maker raised $5 billion from investors to start trading in Hong Kong in September.

Alibaba stock is up 29.82% since the beginning of the year. The stock was down 0.64% at $176.40 at the time of publication Thursday. 

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Photo courtesy of Alibaba.