Chinese e-commerce company Alibaba has reportedly secured approval from the Hong Kong Exchanges & Clearing for share sale.
The secondary listing in Hong Kong is expected to allow the e-commerce giant to raise between $10bn and $15bn, which could be one of the largest fundraisings this year.
Alibaba is already listed in New York, US. It is reported to have raised $25bn in 2014.
The listing approval was first reported by Alibaba-owned Hong Kong newspaper South China Morning Post (SCMP).
The online retailer’s shares are likely to start trading in the last week of this month with pricing anticipated to be confirmed on 20 November, reported SCMP citing sources familiar with the matter.
Commenting on Alibaba’s secondary listing, Hong Kong Financial Secretary Paul Chan Mo-po told SCMP that it is ‘a testimony of Hong Kong’s status as a premier listing platform’.
Chan was quoted by the newspaper as saying: “The tension between the US and China in the areas of trade and technology has added to the attractiveness of Hong Kong as an international listing platform for mainland tech companies.
“We strive to become the preferred listing platform for companies in the innovative and technology sector.”
The development comes after Alibaba broke Singles Day 2019 record with more than $38bn in sales. The event saw the participation of over 22,000 overseas brands from 78 countries and regions.