London Daily

Focus on the big picture.
Wednesday, Jul 30, 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While the extradition plans were withdrawn in September, the demonstrations have continued, with protesters calling for an independent inquiry into alleged police brutality, and democratic reform.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
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×