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.
Pilots at American Airlines have voted to authorize a strike, and Southwest Airlines pilots are preparing to join them, as unions put more pressure on the airlines to approve new contracts with hefty pay raises.
Cheddar News takes a look at The Day Ahead as the Federal Reserve's two-day meeting kicks off on Tuesday while earnings season continues with some big-name companies such as Ford, Pfizer, Starbucks and Uber on tap to report quarterly results. The JOLTS report is also due to be released ahead of April job numbers.
Dan Geltrude, managing partner of Geltrude & Co., joined Cheddar News to discuss why it's vital for a college student to begin budget preparations early for college tuition. "It's developing good financial habits," he said. "I'm a strong proponent that in high school, there should be some teaching, some course ... about personal finance."
Brian Vendig, president of MJP Wealth Advisors, joined Cheddar News to discuss the market ahead of the Federal Reserve's meeting on Wednesday and as investors digest JPMorgan's takeover of First Republic Bank, which was recently seized by regulators. A slew of earnings are also slated to be released this week as well.
