Alibaba’s co-founder Jack Ma is seen on the screen at the group’s listing ceremony at HKEX on Tuesday
Hong Kong has needed a good-news story for quite a while. The up to $12.9 billion secondary listing of Alibaba won’t bring peace to the streets, but it is a useful illustration of the city’s enduring strength as a financial market.
The Alibaba deal rained accolades. It is the largest equity offering worldwide this year, the largest Hong Kong equity offering since AIA in 2010, and the largest tech follow-on anywhere in the world.
Alibaba becomes the largest market capitalization company listed in Hong Kong.
“It is hugely significant for Hong Kong,” says a source close to the deal.
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