Alibaba kicks off its annual 24-hour shopping extravaganza on November 11, and is also eyeing a Hong Kong share offering later this month
) plans to list in Hong Kong in the final week of November, two people with direct knowledge said, aiming to raise up to $15 billion in a deal that signals a vote of confidence in the Asian financial hub.
It also comes at a time when there has been a thaw in relations between China and the United States, which have been locked in a trade war that has buffeted financial markets. Alibaba has not said what it plans to do with the proceeds of the secondary listing, in which it aims to raise between $10 billion and $15 billion.
If both deals succeed, they could provide a shot in the arm for moribund capital markets, where investors have proved increasingly sceptical of the valuations sought by much-hyped tech start-ups such as ride-hailing giant Uber , which has fallen by about a third since its float in May. The return of this deal would cap a resurgent market in Hong Kong, where a series of big floats since September have helped the bourse operator, Hong Kong Exchanges & Clearing , become serious competition once more to the American players.
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