Alibaba sets eyes on $fifteen bn Hong Kong listing

The United States-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee this week two people with direct knowledge of the matter said

Such hearings are typically the first big step that kicks off new listings, with the stock's trading debut usually following within two months of that barring any unforeseen circumstances.

If realised, the US$15 billion IPO would be the biggest since insurance giant AIA garnered US$20.5 billion in 2010.

In particular, the US and China have been engaged in an ongoing trade war that has rattled USA and Asia markets constantly.

The listing process and bookbuild would then proceed during the week of Nov 25, said the sources, who declined to be identified owing to the sensitivity of the matter.

The United States-listed Chinese e-commerce giant is due to seek approval from Hong Kong's listing committee this week, two people with direct knowledge of the matter said. However, Alibaba declined to comment on the issue.

Alibaba is on the lookout to scoop up among $10 billion and $15 billion in the original public supplying, Bloomberg Information cited unnamed resources as indicating, and is on the lookout to hold a listening to into the move-as mandated by the Hong Kong exchange rules-next 7 days.

However the company is looking to expand its Chinese customer base beyond its core market in big cities to less developed areas to combat slowing retail sales growth.

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The company had been working on an August listing in Hong Kong but the transaction was put on hold due to anti-government protests in the city creating financial and political uncertainty.

Despite months of ongoing pro-democracy protests, Hong Kong's stock market has chugged along.

Now bankers and investors are watching closely to see whether other US -listed Chinese companies such as Baidu BIDU.O and JD.com JD.O might follow Alibaba's lead.

Alibaba - which had roughly US$57 billion of cash and equivalents as of September - rode a national e-commerce boom that stemmed from an increasingly affluent middle class.

Alibaba last week reported second-quarter revenue increased by 40 percent, to 119.02 billion yuan ($17bn) in the second quarter from 85.15 billion yuan ($12bn) the previous year.

Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal. The listing could also boost the company's image with Beijing, which wants to develop and improve Chinese markets.

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