FILE PHOTO: the logo of Alibaba Group is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, on Oct. 20, 2019. (REUTERS photo/Aly Song, File/Photo
HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group is ready for the launch of a Hong Kong share sale expected to raise up to $15 billion as soon as Thursday, according to two sources with knowledge of the discussions.
As Alibaba executives are preparing for a Thursday launch, the sources said that the timing could slip, depending on the developments in Hong Kong’s ongoing protests.
The deal is the largest cross-border secondary advertisement can be seen as a boost for the Hong Kong, who had recently its first recession in a decade, with more than five months of street protests and concerns about the U.S.-china trade war take their toll.
Alibaba does not immediately respond to a request for comment.
The company intends to use the sale of the shares earlier in the year, but in August, have postponed the deal as protests rock Hong Kong in June, it was becoming increasingly more violent.
Report by Scott Murdoch; Writing by Alex Hughes; Editing by Carmel Crimmins Cushing and Christopher