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.


  • ‘Potential shield’ for virus hangs in balance

    The World Health Organisation (WHO) suspended trials of the drug that US president Donald Trump has promoted as a coronavirus defence, fuelling concerns about his handling of the pandemic that has killed nearly 100,000 US citizens. Trump has led the push for hydroxychloroquine as a potential

  • Gov’t rolls out stimulus to keep businesses afloat

    The government has introduced the fourth round of stimulus measures aimed at ensuring economic and social stability during the outbreak of the Covid-19 disease. The move, which was announced on Tuesday, is designed to help businesses, factories and enterprises to stay afloat while reducing the

  • E-cigarette back in spotlight amid virus pandemic

    The Ministry of Health’s Department of Communicable Disease (DCD) department has released a video about the effects of smoking, while the NGO Cambodia Movement for Health (CMH) warned against the use of electronic cigarettes or vape. The short video clip that was posted on

  • Por Sen Chey woman murdered

    Por Sen Chey district police are searching for a suspect who robbed and killed a woman in a rented room in Samraong Kraom commune in Phnom Penh at 6:30pm on Monday. Deputy district police chief Chea Sovann told The Post on Tuesday that the victim,

  • Police chief: remove all roadblocks

    National Police chief Neth Savoeun warned Phnom Penh and provincial police chiefs to remove all roadblocks, saying that traffic police officials in some provinces had tightened traffic law implementation against guidelines. In a leaked voice message which was shared on social media on Tuesday, Savoeun

  • Man held for violating daughter and niece

    Kandal Anti-Human Trafficking and Juvenile Protection Department officers sent a man to the provincial court on Tuesday after arresting him the day before for allegedly molesting his daughter and niece in Sa’ang district. Department chief Ros Savin said the 30-year-old construction worker was questioned