- Kristopher Fraser |
Alibaba Group Holding Ltd has delayed its initially planned 15-billion-dollar listing in Hong Kong as protests continue in the region. The company has not set a new timetable for the listing, but the deal could still happen as early as October. Alibaba is watching closely to see if political unrest wanes and market conditions will be favorable.
Hong Kong has seen 11 weeks of violent protests that have brought the city to the brink of chaos. Over 700 people have been arrested and the airport has been shut down.
Alibaba has been working on this deal for a considerable amount of time, and it is expected to the be the largest follow-on share sales in seven years according to Reuters. Hong Kong sees this deal as vital to being able to rival New York as a listings venue.
The Hong Kong protests began in March of this year as a series of demonstrations against an extradition bill proposed by the government. If passed, the bill would allow local authorities to detain and extradite people who are wanted in territories outside of Hong Kong, including mainland China and Taiwan, undermining the sovereignty of the region and citizens' rights.