Logo of Phnom Penh Post newspaper Phnom Penh Post - Alibaba-linked firms mixed after HK IPO report

Alibaba-linked firms mixed after HK IPO report

Content image - Phnom Penh Post
Shares in firms linked to Chinese online retail titan Alibaba were mixed on Friday. JEWEL SAMAD/AFP

Alibaba-linked firms mixed after HK IPO report

SHARES in firms linked to Chinese online retail titan Alibaba were mixed on Friday, a day after rallying on a report it had filed for a Hong Kong listing that could be the city’s biggest initial public offering (IPO) for almost a decade.

A share sale in the city by the firm would mark a success for Beijing, which is seeking to encourage its tech titans to list closer to home, having been stung by IPOs in New York by homegrown firms including Alibaba and search engine giant Baidu.

Alibaba made the filing this week without the need for financial disclosures, according to Bloomberg News, which added that it had chosen China International Capital Corp and Credit Suisse Group AG as its lead banks.

If it raises its potential $20 billion, the offering would be the biggest in Hong Kong since insurance firm AIA raised $20.5 billion.

Alibaba raised $25 billion when it listed in New York five years ago, making it the world’s biggest IPO.

The report sent shares in companies linked to Alibaba surging on Thursday, with Shanghai-listed New Huadu Supercenter and Sanjiang Shopping Club up 10 per cent, while China TransInfo Technology put on more than three per cent in Shenzhen.

China International Capital Corp climbed one per cent in Hong Kong.

On Friday, Sanjiang closed up more than two per cent and New Huadu added 1.2 per cent but Transinfo slipped 3.3 per cent and CICC retreated 2.3 per cent.

China has sought to encourage its current and future big tech firms to list nearer to home, including via a planned technology board in Shanghai that would be China’s answer to the Nasdaq exchange.

The moves come with China and the US locked in an escalating trade battle in which Washington has banned US companies from supplying technology to Chinese telecom and smartphone giant Huawei.

The Trump administration suspects Huawei has links to China’s military, which could allow Beijing to access sensitive data on global networks that use Huawei equipment.

Alibaba has capitalised on the Chinese consumer’s love of e-commerce to dominate the sector in China and become one of the world’s most valuable companies.

MOST VIEWED

  • ‘Support of CNRP return online will lead to arrest’

    Anyone posting messages supporting the return of Sam Rainsy, the “acting president” of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), on social media will be arrested, the Ministry of Interior announced on Tuesday. Ministry spokesman Khieu Sopheak told The Post on Monday that authorities

  • CNRP activists arrested for ‘plotting insecurity’

    Three activists for the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) have been sent to Phnom Penh Municipal Court after they were arrested for their alleged involvement in an overseas-organised plot to mobilise demonstrations and cause insecurity. National Police spokesman Chhay Kim Khoeun said the

  • Police conduct raid on Orchid massage parlour

    Thirty-seven people, including three minors, were detained after Phnom Penh Municipal Police and the Department of Anti-Human Trafficking and Juvenile Protection raided the Orchid massage parlour in Sen Sok district’s Phnom Penh Thmey commune on Monday. The 27-room massage parlour is believed to have

  • Rainsy charged with ‘insulting the King’

    Ministries and state institutions have condemned Sam Rainsy, the “acting president” of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), for allegedly insulting His Majesty King Norodom Sihamoni. The condemnation came in the wake of Rainsy’s claim on Thursday during an interview with Radio