Alibaba is set to kick off what would be the world’s biggest equity capital raising of the year so far, as it prepares for its second listing on the Hong Kong stock exchange.
The Chinese ecommerce giant is looking to raise up to $13.4bn and kicked off a “week-long roadshow” yesterday in a bid to sell 500 million shares to investors, according to the Financial Times.
The final price of Alibaba shares on the Hong Kong stock exchange is expected to be finalised on Wednesday.
Alibaba is looking to capitalise on the momentum it picked up at its most recent Singles’ Day event on Monday. In China, shoppers spent a record $38bn on Alibaba over the course of the day.
Chief executive Daniel Zhang said Alibaba’s listing in Hong Kong showed the city had a bright future, despite the ongoing political turmoil in the region.
“During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright.”
The ecommerce retailer has been listed on the New York Stock Exchange for the last five years.
The listing will mark the culmination of what has been a busy year for Alibaba. In August, the ecommerce giant opened its first-ever AliExpress European store in Spain at Intu Xanadu.
There have also been reports that it is ramping up a property and retail team in the UK, as it mulls the possibility of building up a high street presence in the country.
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