Alibaba's secondary listing in Hong Kong raises $11.2bn, becomes 2019's biggest stock offering so far.
King (Hong) Kong: Aibaba's secondary listing has emerged as the biggest stock offering so far this year. Its Hong Kong-listed shared rose nearly 7% in their market debut, and the company managed to raise c. $11.2bn (though this could rise to $13bn).
Alibaba's IPO is 2019's largest yet, but could be dwarfed by Saudi Aramco's listing, which is expected in the coming weeks and which could top the $25bn record for largest IPO set by Alibaba in 2014 when it listed in New York. WSJ
The secondary listing of the world's largest e-commerce company in Hong Kong bears special significance. For starters' the decision to list elsewhere was important for Alibaba given the increasing distrust between Washington and Beijing. In case the US government takes action against Chinese companies listed in the country, having one foot close to home will be beneficial to Alibaba. In addition to this, a successful listing in Hong Kong showcases business confidence in the city, which has been roiled in anti-Beijing protests since April. Forbes
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