FILE PHOTO: A logo of Alibaba Group is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, Oct. 20, 2019. REUTERS/Aly Song/File Photo
HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group is poised to launch 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.
While Alibaba executives are preparing for a Thursday launch, sources said the timing could slip depending on developments in Hong Kong’s ongoing protests.
The deal – the world’s biggest cross-border secondary listing – will be seen as a boost for Hong Kong, which recently entered its first recession in a decade as more than five months of street protests and worries about the U.S.-China trade war take their toll.
Alibaba did not immediately respond to a request for comment.
The company had been planning to sell the shares earlier this year but in August postponed the deal as the protests rocking Hong Kong since June became increasingly violent.
Reporting by Scott Murdoch; Writing by Jennifer Hughes; Editing by Carmel Crimmins and Christopher Cushing