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.
It's never too early to save for retirement but many people don't have access to an employer-sponsored plan. Pratik Patel, managing director and head of family wealth strategies for BMO Family Office, joined Cheddar News to discuss other options to ensure safe retirement.
Joe Mazzola, director of trading and education with Charles Schwab, joined Cheddar News to discuss Wednesday's trading session as markets closed mixed.
Summer camps across the country will open this month, but parents may experience some sticker shock. With the cost of goods and services rising, so is the price of camp. Cheddar’s Ashley Mastronardi spoke to experts who shed some light on how this will affect your wallet.
Living in New York City, working full time and without a car, Jessica Ray and her husband have come to rely on deliveries of food and just about everything else for their home. It has meant more free time on weekends with their young son, rather than standing in line for toilet paper or dragging heavy bags of dog food back to their apartment.
Cheddar News checks in to see what to look out for on The Day Ahead as Campbell Soup and Vera Bradley are due to report earnings while economic data, including the April trade deficit and consumer credit, are slated to be released. And Wednesday is World Food Safety Day.
