Alibaba Group is considering raising $20 billion through a second listing in Hong Kong after a record-breaking 2014 New York debut, reported Bloomberg citing people with knowledge of the matter.
The mega-deal, if confirmed, would bring China’s largest company closer to investors in its home country as tensions between China and the US intensifies.
The e-commerce giant is working with financial advisers on the planned offering and Alibaba aims to file a listing application in Hong Kong confidentially as early as the second half of 2019, according to the report.
Alibaba raised $25 billion in New York in the world’s largest initial public offering after struggling to persuade Hong Kong regulators to approve its unique structure, under which a coterie of partners decide board membership.
Last year, Hong Kong’s exchange relaxed restrictions and granted the green light for dual-share classes last year, allowing internet services giant Meituan Dianping and smartphone maker Xiaomi Corp. the right to issue stock with different voting rights.
Its New York-traded shares have slid more than 21% over the year to Friday’s close, but at roughly $400 billion it still counts among the world’s 10 largest publicly traded corporations.