Alibaba files for HK mega-listing

Alibaba has filed confidentially for a Hong Kong listing, moving closer to what is potentially the city’s biggest share sale since 2010, according to Bloomberg. The offering from China’s largest corporation could raise as much as US$20 billion to rival AIA Group’s 2010 IPO, reports the news agency.

A deal that size could bolster Hong Kong’s status as a destination for Chinese tech listings and boost the online retailer’s cash pile as it wages a costly war of subsidies in food delivery and travel with the competitor Meituan Dianping.

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