Alibaba is planning a secondary listing in Hong Kong, according to people familiar with the matter, one of whom said the Chinese ecommerce company was looking to raise some $20bn.
The company, which in 2014 raised $25bn in the US with the world’s biggest initial public offering, is expected to complete the Hong Kong listing later this year, the people said.
One person familiar with the plans said the move was designed to diversify funding sources. But it also comes as China and the US face off in an increasingly broad trade war that has pushed Chinese technology companies towards greater self-reliance on domestic supply chains, technology and funding.
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