Alibaba moves closer to Hong Kong stock listing
NEW YORK (AP) — China’s Alibaba moved closer Wednesday to its anticipated listing in Hong Kong.
The online retail giant filed an application to list its shares on the Hong Kong Stock Exchange, though it did not provide details on the amount of the new offering. It has long been expected to launch a multibillion-dollar stock listing in Hong Kong but appeared to postpone the offering because of political and economic turmoil.
Hong Kong has been dealing with waves of pro-democracy protests since this summer that have hurt its economy. Hong Kong is part of China but has its own legal system and greater freedoms than the mainland.
Alibaba Group Holding has been listed on the New York Stock Exchange since 2014 under the symbol ‘BABA’.