• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      9 hrs

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

      Finance

      Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable

      January 19, 2021

      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Frontpage

      Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses

      8 hrs

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      9 hrs

      WORLD BUSINESS & ECONOMY

      AfDB signs investment partnership with EIB to fast track development in Africa

      10 hrs

      Insurance Business

      Post-Covid-19: AXA invents novel ‘smart working strategy’

      January 20, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      10 hrs

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

      Companies

      TIPP Oil, German lubricant maker, targets 2021 Nigeria launch with eco-friendly scheme  

      January 19, 2021

      Frontpage

      Nigeria aims for cost efficiency, safety, value in oil sector with centre of excellence

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

WORLD BUSINESS & ECONOMY

Alibaba postpones up to $15 billion Hong Kong listing amid protests

August 21, 2019468 views0 comments

China’s biggest e-commerce company Alibaba Group Holding Ltd has delayed its up to $15 billion listing in Hong Kong amid growing political unrest in the Asian financial hub, two people with knowledge of the matter told Reuters.

Alibaba’s Hong Kong-listing plans are being closely watched by the financial community for indications on the business environment in the Chinese-controlled territory and provides a window into Beijing’s reading of the situation.

While no new timetable has been formally set, Alibaba could potentially launch the deal as early as October, still seeking to raise $10 billion-$15 billion, depending on whether political tensions had eased and market conditions became more favorable, one of the people said.

The decision to postpone the deal, initially set to launch in late August, was taken at a board meeting before Alibaba’s earnings release last week, the second person said.

The delay was due to the lack of financial and political stability in Hong Kong, the people added, following more than 11 weeks of frequently violent pro-democracy demonstrations which have plunged the city into turmoil.

Police have fired over 1,000 rounds of tear gas while more than 700 people have been arrested, followed by an unprecedented airport shutdown last week.

Hong Kong’s benchmark Hang Seng index fell to seven-month lows last week.

“It would be very unwise to launch the deal now or anytime soon,” the first person said. “It would certainly annoy Beijing by offering Hong Kong such a big gift given what’s going on in the city,” the source added.

The company sign of Alibaba Group Holding Ltd is seen outside its Beijing headquarters in China June 29, 2019. Picture taken June 29, 2019. REUTERS/Stringer ATTENTION EDITORS – THIS IMAGE WAS PROVIDED
Preparations for Alibaba’s listing, potentially the world’s biggest equity deal this year and the largest follow-on share sale in seven years, have been underway for some time.

Earlier this year, Altaba, the Yahoo offshoot holding the company’s stake in Alibaba, announced plans to sell up to its entire 11% stake – an event Alibaba would want to see completed ahead of its Hong Kong float to stabilize its U.S. trading volumes before investors need to adjust to the two prices that would be available following a Hong Kong listing.

The Altaba sale has been completed, the second person said.

Both people declined to be identified as they were not authorized to speak to media. Altaba did not immediately respond to a request for comment outside regular business hours.

Share on Facebook Tweet Email
Tags$15 billion Alibaba Business Hong Kong listing
PreviousFour Nigerian businessmen join Dubai chamber’s global business forum mentorship programme
NextNigeria’s finance minister gets more influential with control over budget

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Nigeria equities go bearish on selloffs in DangCem, AXA Mansard, UBA
  • Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses
  • Morrison Industries taps Oladejo, business consultant, as MD to drive expansion plans
  • Experts canvass exposing farmers to Agri-Insurance to minimize economic losses in sector
  • Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Again, Ajaokuta Steel faces $1bn setback on ECA shortfall

Frontpage January 7, 2019

1
2

Nigeria’s debt growth slows on redemption of $500m eurobonds, stood at N22.43trn in Q3 ’18

Frontpage January 10, 2019

3

Nestlé grows half-year profit after tax by 30% pledges increased promotion initiatives for H2

Frontpage August 7, 2018

4

OPEC expects increase in global demand, raises non-OPEC supply forecast

Frontpage April 12, 2018

5

Strategic investor takes controlling stake in Wema Bank

Frontpage June 20, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.