Alibaba to list business units at Hong Kong Stock Exchange
Hong Kong is becoming a destination for tech Initial Public Offerings and the country is going to get a major boost after Alibaba’s decision to list affiliate businesses on the Hong Kong Stock Exchange. Alibaba chairman Jack Ma said, “The Company is exploring the opportunities of listing one or more affiliate businesses on the Stock Exchange”.
Alibaba earlier in 2014 ignored Hong Kong favoring $25 billion listing on New York Stock Exchange. Now Hong Kong Stock Exchange is reshaping its rules to allow dual-class shares, Jack Ma admits that Hong Kong has become a viable destination for future growth.
While talking to Bloomberg, Ma said, “We have not decided yet which subsidiaries of Alibaba would be listed on the stock exchange.”
Alibaba expanding its own logistics network
The most favorable candidate for HKEX could be Ant Financial, which is valued at nearly $60 million providing financial and payment services. Also, local commerce platform Koubei valued at $7.7 billion for its logistics unit Cainiao will be outside the bet.
Last year there were two tech listings in Hong Kong including Tencent China e-book unit and Gaming hardware company Razer. Alibaba has got experience in Hong Kong when it went public in Hong Kong during 2007 raising $1.5 billion. And after a decade the firm is valued at $488 billion with ventures across commerce, logistics, and payments the cloud and more. It also expanded its reach outside China and India including other parts of Asia.
Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.
