Hong Kong was given a much-needed boost today after Chinese internet giant Alibaba unveiled a huge listing in the former British colony.
The firm, which is already traded in the US, hopes to raise up to $13.4 billion (£10.4 billion) in its secondary listing - making it the biggest share sale in the world this year. Shares are due to start trading later this month.
The move is a relief for Hong Kong, whose financial reputation has been tarnished in recent months as protests have flared up across the region.
Violent clashes escalated this week but Alibaba chief executive Daniel Zhang still believes Hong Kong has a “bright” future. He described the city as “one of the world’s most important financial centres”.
Zhang — who succeeded Jack Ma to take Alibaba’s top job earlier this year — added that the company hoped to “contribute” to the future of Hong Kong.
Alibaba has grown from an online marketplace into an e-commerce giant with interests ranging from financial services to artificial intelligence.
The Hangzhou-based firm had originally considered a Hong Kong IPO in 2013, but opted for New York after failing to secure regulatory approval in the Asian territory.
The sale is likely to knock Uber off the top spot as this year’s biggest IPO. The ride-sharing firm raised $8.1 billion in its New York float in May.
