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Alibaba mulls secondary listing to raise $20 billion: Bloomberg

FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China-May 16, 2019. REUTERS/Jason Lee

(Reuters) – Alibaba Group Holding Ltd is considering raising $20 billion through a secondary listing in Hong Kong, Bloomberg reported on Monday, citing unnamed people with knowledge of the matter.

The Chinese e-commerce company is working with financial advisers on the planned offering and is directed to the file list application in Hong Kong confidential as early as in the second half of the year 2019, according to the Bloomberg report. (bloom.bg/2YRpEdi)

A spokesman for Alibaba declined to comment.

Alibaba held its record $25 billion public float in New York in 2014 after Hong Kong, her favourite place, refused to the governance structure, where a self-selecting group of senior managers the control of the majority of the board of directors appointments.

At the beginning of last year, when Hong Kong was preparing to dual-class share offerings, Alibaba founder Jack Ma said the company would seriously consider” a listing on the stock exchange.

A second listing would be the intention to diversify Alibaba’s financing and the increase of the liquidity, according to the Bloomberg report.

The move comes as Chinese companies face an increasingly hostile U.S. government, which has a number of Chinese tech companies on a black list.

Report by Saumya Sibi Joseph (and) aditi Sebastian in Bengaluru; Editing by Matthew Lewis and Rosalba O’brien

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