Hong Kong Exchanges & Clearing Ltd. approved the tech giant’s listing application, said the person, who asked not to be identified as the information is private. Asia’s largest corporation is proceeding with what could be this year’s largest stock offering despite violent pro-democracy protests gripping the city.
Listing closer to home has been a long-time dream of Ma’s– a move that curries favor with Beijing and hedges against trade war risks. A successful Hong Kong share sale could also help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat-operator Tencent Holdings Ltd.
A successful Hong Kong debut will be another feather in the cap for Daniel Zhang, who took over as chairman from Ma in September. The former accountant is now spearheading the company’s expansion beyond Asia but also into adjacent markets from cloud computing to entertainment, logistics and physical retail.
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