Alibaba gets approval for secondary listing by Hong Kong stock exchange

Alibaba Group, the e-commerce platform got a green signal from the Hong Kong stock exchange (HKEX) for a secondary listing. The retail giant is planning to begin a week-long investor roadshow in which Alibaba hopes to raise about $10-$15 billion from the share sales, making it the most significant fundraising in the world this year.

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Alibaba is the largest retailer and e-commerce platform in the whole world, with hosting the largest B2B platform for the users. Alibaba is already leading in the sales and profits when compared with other major competitors from the league like Walmart, Amazon, and eBay. The company even launched an online retail store platform known asĀ Alibaba Express or Ali Express that helped local businesses from China and other locations like Singapore to offer the products they have to international buyers.

Lucky streak for Alibaba

Alibaba Group is on a roll as earlier this week; they made a new record on the occasion of Single’s Day, an unofficial holiday in China, as the platform made sales for about $38 billion in one day. If this was not enough, the e-commerce platform got a green signal from the Hong Kong stock exchange (HKEX) for a secondary listing.

The retail giant is planning to begin a week-long investor roadshow in which Alibaba hopes to raise about $10-$15 billion from the share sales, making it the most significant fundraising in the world this year. The listing price of the shares is expected to be confirmed by 20th November, and trading will begin in the following week.

Alibaba to overtake Uber soon

Uber’s initial public offering (IPO) in May raised about $8 billion, and it is said that this fundraising will exceed the company’s offering as Alibaba is expected to attract about $10 billion in funds. The company filed for approval for listing in June, but due to the protests in the country, the company had to drop the plans. This multi-billion dollar listing can help the country to get a stable position and overcome the suffering that the market has to face in the financial hub.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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