Alibaba’s founder Jack Ma is seen on the screen at Alibaba Group’s listing ceremony at the Hong Kong stock exchange on November 26, 2019. Photo: Reuters
US-listed Chinese new-economy companies are mulling secondary flotations in Hong Kong after watching Alibaba’s shares soar, says China Renaissance
- A wave of Chinese internet giants that have listed in the US by issuing American depositary receipts are considering following Alibaba’s lead and aiming for a secondary flotation in Hong Kong, say bankers
- But the recent launch of Shanghai’s Nasdaq-style Science and Technology Innovation Board means Hong Kong now faces competition from mainland China to attract new-economy firms
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IPO
Alibaba’s founder Jack Ma is seen on the screen at Alibaba Group’s listing ceremony at the Hong Kong stock exchange on November 26, 2019. Photo: Reuters