Attendees antique by an Alibaba.com display at CES 2019 in Las Vegas.
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China’s biggest e-commerce company Alibaba Assemblage has delayed its up to $15 billion listing in Hong Kong amid growing political unrest in the Asian financial hub, two people with knowing of the matter told Reuters.
Alibaba held a board meeting before its latest quarterly earnings release closing week, during which the board decided to postpone the Hong Kong listing which was set to take place in till August, one of the people said.
A spokesperson for Alibaba declined to comment on the matter when contacted by CNBC.
The decision was constituted on the lack of financial and political stability in Hong Kong amid more than 11 weeks of pro-democracy testimonies which have become increasingly violent and plunged the city into turmoil, the people added.
Tear gas has been cast-off frequently by police while more than 700 people have been arrested, followed by an unprecedented airport shutdown closing week. Hong Kong’s stock market also fell to seven-month lows last week.
While no new schedule has been formally set, Alibaba could launch the Hong Kong deal as early as in October, seeking to raise $10-$15 billion, when state tensions ease and market conditions become favorable again, said the other source.
“It would be very unwise to pitch the deal now or anytime soon. It would certainly annoy Beijing by offering Hong Kong such a big gift assumed what’s going on in the city,” said the source.
Alibaba declined to comment on the deal.
Both sources declined to be labeled as they were not authorized to speak to media.
— CNBC’s Arjun Kharpal contributed to this report.