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.
UPS recently announced it would equip delivery trucks with air conditioning. Dr. Douglas Casa, CEO of Korey Stringer Institute at the University of Connecticut, spoke with Cheddar News on the dangers of heat stroke and how workers can keep themselves safe from extreme weather.
The push for clean energy is igniting an interest in electric vehicles but charging EVs continues to be a concern for consumers looking to save. Brian Moody, executive editor with Autotrader, joined Cheddar News to discuss how people can make home-charging more affordable.
Gannett has filed a civil lawsuit against Google and its parent company Alphabet, claiming that they unlawfully hold monopolies in the advertising technology tools that publishers and advertisers use to buy and sell online ad space.
Apple, the tech giant, is trying to trademark images of apples, the fruit. The company has been pursuing the trademark since 2017, and its latest battleground is Switzerland, where its appealing a partial trademark that would only cover black-and-white depictions of Granny Smith apples.
