Alibaba launches HK IPO, covered in hours despite local turmoil

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By Jonathan Breen
14 Nov 2019

Alibaba Group Holding has kicked off its up to $13.4bn Hong Kong IPO, set to be the largest listing on the bourse for nearly a decade. Bankers are confident the deal will be a success, but they are navigating challenging times in the city’s stock market, which plunged this week as violence during protests escalated. Jonathan Breen reports.

Hong Kong’s benchmark Hang Seng Index was hit hard this week after a flare-up in the protests that have become a daily fixture in the territory since June. The index, which tracks the HKEX’s 50 largest stocks, lost nearly 5% from its open on Monday to Thursday afternoon.

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