Money: Exclusive: Alibaba postpones up to $15 billion Hong Kong listing amid protests - sources - PressFrom - United Kingdom
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MoneyExclusive: Alibaba postpones up to $15 billion Hong Kong listing amid protests - sources

10:10  21 august  2019
10:10  21 august  2019 Source:   reuters.com

Hong Kong airport cancels all remaining flights due to protests

Hong Kong airport cancels all remaining flights due to protests Hong Kong airport has cancelled all remaining flights on Monday because of pro-democracy protests at the terminal. "Other than departure flights that have completed the check-in process and the arrival flights already heading to Hong Kong, all other flights have been cancelled for the rest of today," said Hong Kong's Airport Authority. Traffic near the airport was very congested and car parking full, the authority said. People at the airport are demonstrating over a planned extradition law, claims of police brutality and a call for more democracy.

HONG KONG (Reuters) - Hong Kong 's political unrest is posing a dilemma for Alibaba Group Holding Ltd (N Two sources involved in the deal and one other briefed on Alibaba 's discussions described the Alibaba declined to comment. The Hong Kong listing deal was estimated at up to billion

The Hong Kong listing deal was estimated at up to billion, but is more likely, according to sources close to the deal, to raise "How do you think Beijing feels about giving Hong Kong a $ 15 billion gift like this, right now?" asked one capital markets professional not involved in the Alibaba deal.

Exclusive: Alibaba postpones up to $15 billion Hong Kong listing amid protests - sources © Reuters/CHINA STRINGER NETWORK Alibaba sign is seen outside its Beijing headquarters

China's biggest e-commerce company Alibaba Group Holding Ltd has delayed its up to $15 billion (12.33 billion pounds) listing in Hong Kong amid growing political unrest in the Asian financial hub, two people with knowledge of the matter told Reuters.

Alibaba's Hong Kong-listing plans are being closely watched by the financial community for indications on the business environment in the Chinese-controlled territory and provides a window into Beijing's reading of the situation.

While no new timetable has been formally set, Alibaba could launch the Hong Kong deal as early as in October, seeking to raise $10-$15 billion, when political tensions ease and market conditions become favourable again, said one of the people.

Day two: Hong Kong cancels outbound flights again amid protest chaos

Day two: Hong Kong cancels outbound flights again amid protest chaos Hong Kong’s international airport has yet again been plunged into chaos after anti-government protesters forced authorities to cancel outbound flights [] The post Protesters bring Hong Kong airport to its knees for second day in a row as outbound flights cancelled again appeared first on CityAM.

HONG KONG (Reuters) - Hong Kong 's political unrest is posing a dilemma for Alibaba Group Holding Ltd (N: BABA ) on the timing of its planned $ 15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering several timetables. New York- listed Alibaba was

HONG KONG (Reuters) - Hong Kong 's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned $ 15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering several timetables. New York- listed Alibaba was most likely

The decision to postpone the deal, initially set for late August, was taken at a board meeting before Alibaba's latest earnings release last week, the second person said.

Exclusive: Alibaba postpones up to $15 billion Hong Kong listing amid protests - sources © Reuters/Jason Lee FILE PHOTO: FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin

The delay is due to the lack of financial and political stability in Hong Kong amid more than 11 weeks of pro-democracy demonstrations which have become increasingly violent and plunged the city into turmoil, the people added.

Tear gas has been used frequently by police while more than 700 people have been arrested, followed by an unprecedented airport shutdown last week. Hong Kong's stock market <.HSI> fell to seven-month lows last week.

China 'will not sit on its hands' over Hong Kong protests

China 'will not sit on its hands' over Hong Kong protests The Chinese government will "not sit on its hands" over the protests in Hong Kong, Beijing's UK ambassador has said, adding it has "solutions". It came as new pictures emerged showing the build up of armed forces in the city of Shenzhen, just across the border with Hong Long.

By Jennifer Hughes and Julie Zhu HONG KONG (Reuters) – Hong Kong ’s political unrest is posing FILE PHOTO: The logo of Alibaba Group is seen at the company's headquarters in Hangzhou The Hong Kong listing deal was estimated at up to billion , but is more likely, according to sources

Hong Kong 's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned $ 15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering several timetables. New York- listed Alibaba was most likely to launch the offer.

"It would be very unwise to launch the deal now or anytime soon," the first person said. "It would certainly annoy Beijing by offering Hong Kong such a big gift given what's going on in the city," the source added.

Both people declined to be identified as they were not authorised to speak to media.

Alibaba declined to comment on its Hong Kong deal plans.

DEAL CRUCIAL FOR HK EXCHANGE

The deal, potentially the world's biggest equity deal of the year and the largest follow-on share sale in seven years, would give Alibaba a war chest to keep investing in technology.

The company, however, views it as a way to "diversify its access to capital markets", but not as core to its business, said the second source. Alibaba "does not see the postponement as a blow," the person added.

Meanwhile, a listing by Alibaba is a big deal for the Hong Kong stock exchange, which is lagging behind its New York rivals in the annual battle to be the leading global listings venue.

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The Hong Kong listing deal was estimated at up to billion , but is more likely, according to sources close to the deal, to raise between This week protesters effectively closed the city's airport on two successive days, disrupting tens of thousands of travellers and posing a practical problem to

The Hong Kong listing deal was estimated at up to billion, but is more likely, according to sources close to the deal, to raise between -$ 15 billion . More than 10 weeks of confrontations between police and pro -democracy protesters have plunged Hong Kong into its worst crisis since it

Just last month, Anheuser-Busch InBev cancelled a planned up to $9.8 billion Hong Kong IPO of its Asia Pacific unit.

Gallery: Inside homes in one of the world's most overcrowded and expensive cities (Love Money)

The city loosened its rules last year specifically to lure overseas-listed Chinese tech giants to list closer to home.

Alibaba would be the first to test the new system.

Asked last week whether Hong Kong's turmoil would affect Alibaba's listing, Hong Kong stock exchange CEO Charles Li avoided directly acknowledging the company's application, which is still technically confidential.

But Li added: "I am confident that companies like that ultimately will find a home here, because this is home and I think they will come. I don't know when though."

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Hong Kong leader to withdraw controversial extradition bill.
Hong Kong's leader, Carrie Lam, is set to formally withdraw the extradition bill that has sparked months of protests in the region, a government source has confirmed. © Getty Chief Executive Carrie Lam will withdraw the extradition bill Protests in the former British colony began in June over the bill, which would have meant criminals could be extradited to the the Chinese mainland. Ms Lam will meet Hong Kong politicians at 4pm local time (9am BST) on Wednesday, according to a member of the region's legislative council.

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