The Alibaba Group is delaying a potential $15 billion listing in Hong Kong because of the region's political instability, two sources "with knowledge of the matter" told Reuters.
Alibaba ($BABA) did not immediately respond to a request for comment.
Report of the delay comes amid ongoing pro-democracy protests in China's special administrative region. Those months-long demonstrations have taken a toll on the region's market, and Hong Kong's chief executive Carrie Lam on Tuesday warned that the economy is "facing the risk of downturn" due to the growing unrest.
In 2014, Alibaba went public on the New York Stock Exchange after disagreements with the Hong Kong Stock Exchange over the shareholder voting rights structure that the e-commerce giant sought (Hong Kong's stock exchange had required Alibaba comply with its "one shareholder, one vote" policy).
Alibaba did list its Alibaba.com business-to-business web operation in Hong Kong in 2007, but took that enterprise private five years later.
The decision to delay this newest Hong Kong listing was made last week before the company released its quarterly earnings report, according to one of Reuters' sources. The listing was originally expected in late August.
Alibaba — one of the largest companies in China, and the country's largest e-commerce company — still hopes to raise between $10 and $15 billion, according to Reuters' other source. The now-postponed listing could come as early as October, should political and financial conditions stabilize.
The Federal Reserve, having raised interest rates at the fastest pace in four decades, is poised Wednesday to leave rates alone for the first time in 15 months to allow time to gauge the impact of its aggressive drive to tame inflation.
Stocks are drifting Wednesday, as Wall Street waits to hear what the Federal Reserve’s latest economy-moving decision will be on interest rates.
Chipmaker AMD said on Tuesday that it's producing an advanced chip for artificial intelligence applications that is designed to compete with Nvidia.
On Tuesday, the Bahamas Supreme Court allowed FTX founder Sam Bankman-Fried to review the terms of his extradition and temporarily delayed the country from agreeing to let U.S. prosecutors pursue criminal charges against him.
Microsoft's planned $69 billion purchase of video game company Activision Blizzard was blocked by a federal judge Tuesday, giving more time for an antitrust review of the deal.
Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year's steady easing of inflation. At the same time, some measures of underlying price pressures remained high.
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