New Straits Times

Alibaba picks more banks for HK listing this month


BEIJING: Alibaba Group Holding Ltd added Citigroup Inc, JPMorgan Chase & Co and Morgan Stanley to the sales force of its Hong Kong listing, and invited several Chinese banks to do the same, according to people with knowledge of the matter.

The Chinese e-commerce giant planned to start taking investor orders on Friday, after its Singles’ Day sale, and price the offering on Nov 20, said the people.

The deal could raise as much as US$15 billion (RM61.95 billion), they added.

At least four state-owned Chinese investment banks — ABC Internatio­nal Holdings Ltd, CCB Internatio­nal Holdings Ltd, ICBC Internatio­nal Holdings Ltd and Bank of China Internatio­nal Ltd — had been invited to take on junior roles, they said, adding that the deadline for the banks to reply was today.

Alibaba had planned to list in Hong Kong as early as over the summer before pro-democracy protests rocked the financial hub, while trade tensions between Washington and Beijing clouded the market’s outlook.

Credit Suisse Group AG and China Internatio­nal Capital Corp were leading Alibaba’s share sale, Bloomberg has reported.

It could put the capital to work investing in new technologi­es such as artificial intelligen­ce or fast-expanding affiliates such as Ant Financial.

A successful share sale could also help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat-operator Tencent Holdings Ltd.

Newspapers in English

Newspapers from Malaysia