London Daily

Focus on the big picture.
Monday, Sep 29, 2025

Alibaba backs HK's 'bright' future with share sale

Alibaba chief executive Daniel Zhang has praised Hong Kong's "bright" future as the Chinese e-commerce giant prepares to list in the embattled financial hub.

The firm, which is already traded in the US, hopes to raise up to $13.4bn (£10.4bn) in its secondary listing.

That would make it the biggest share sale this year, according to Dealogic.

The move is seen as a boost for Hong Kong, diluting fears that protests have tarnished its financial reputation.

The city has grappled with anti-government protests for nearly five months and violent clashes escalated this week .

"During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," Alibaba Chairman Daniel Zhang said.

He described the city as "one of the world's most important financial centres".

Mr Zhang - who succeeded Jack Ma to take Alibaba's top job earlier this year - said the company hoped to "contribute" to the future of Hong Kong.

The company will offer 500 million shares, priced at up to HK$188 ($24) each for retail investors. Shares are due to start trading on 26 November.

The sale could knock Uber off the top spot as this year's biggest IPO, according to Dealogic data. The ride-sharing firm raised $8.1bn in its New York float in May.

Over the years, Alibaba has grown from an online marketplace into an e-commerce giant with interests ranging from financial services to artificial intelligence.

The company said the new listing will allow investors across Asia to "participate in Alibaba's growth," as it seeks to tap "substantial new capital pools" in the region.

The Hangzhou-based firm had originally considered a Hong Kong IPO in 2013, but opted for New York after failing to secure regulatory approval in the Asian territory.


Growing unrest

The move to go ahead with the share sale in Hong Kong comes after Alibaba reportedly delayed plans to list there earlier this year, amid ongoing unrest and the US-China trade war.

The long-running protests have hurt the economy, which has fallen into recession, and knocked business confidence in the city.

The protests started in June against plans to allow extradition to the mainland - which many feared would erode the city's freedoms.

Hong Kong is part of China, but as a former British colony it has some autonomy and people have more rights.

While the extradition plans were withdrawn in September, the demonstrations have continued, with protesters calling for an independent inquiry into alleged police brutality, and democratic reform.

Newsletter

Related Articles

0:00
0:00
Close
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
Explosive Email Shows Sarah Ferguson Begged Forgiveness from Jeffrey Epstein After Taking His Money
Corrupt UK Politician Ed Davey Demands Elon Musk’s Arrest for Supporting Democracy
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Alibaba Debuts Open-Source Deep Research Agent with Benchmarks Rivaling OpenAI
Marcos Faces Legacy-Defining Crisis as Flood Projects Scandal Sparks Massive Tide of Protests
China’s Micro-Drama Boom Turns Stalled Real Estate Projects into Lavish Film Sets
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
'Company Got 5,189 H-1B Visas, Then Laid Off 16,000 Americans': US Defends New $100,000 H-1B Visa Fee
Golf legend tells Omar she should be 'sent back to Somalia' after her Kirk comments
EU Set to Bar Big Tech from New Financial Data Access Scheme
China Bans Livestreaming and AI in Religion Amid Crackdown on Shaolin Temple Scandal
×