- Alibaba Group Holding Ltd (NYSE:BABA) has privately filed for a listing on the Hong Kong Stock Exchange as it prepares for a massive IPO.
- According to a Bloomberg report, the Chinese e-commerce giant is looking to raise funds for its other initiatives such as cloud computing.
Sources familiar with the issue said that the e-commerce giant could raise up to $20 billion via the listing although the actual figure has not been determined.
The funds raised through the listing could help Alibaba foot the bill for an expensive subsidies battle with Meituan Danping in the Chinese travel and food delivery industries.
This could be the biggest Hong Kong IPO since 2010.