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EXCLUSIVE: Alibaba shelves HK listing amid unrest

Video Credit: Reuters Studio - Duration: 01:34s - Published < > Embed
EXCLUSIVE: Alibaba shelves HK listing amid unrest

EXCLUSIVE: Alibaba shelves HK listing amid unrest

Sources have revealed to Reuters that China's tech titan Alibaba will delay its listing on the Hong Kong stock exchange, saying "it would certainly annoy Beijing" at a time of pro-democracy protests.

Michelle Hennessy reports.


EXCLUSIVE: Alibaba shelves HK listing amid unrest

China's Alibaba has delayed its up to 15 billion dollar listing in Hong Kong.

That's according to sources, who told Reuters exclusively that it comes amid growing unrest in the financial hub.

One said while the Chinese tech titan was supposed to list in August, it would, quote: "certainly annoy Beijing by offering Hong Kong such a big gift given what's going on in the city." The financial community has been closely watching for Alibaba's decision, seeing it as an indicator on the business environment in the embattled financial hub.

Tear gas has been streaming through the city's glistening skyscrapers, its international airport was shut down, and more than 700 people have been arrested in nearly three months of often violent pro-democracy demonstrations.

(SOUNDBITE) (English) HONG KONG CHIEF EXECUTIVE CARRIE LAM, SAYING: "...they did not mind destroying Hong Kong's economy." Hong Kong leader Carrie Lam has said the protests will take a toll on the territory's finances.

And its stock market fell to seven-month lows last week.

Alibaba's listing is a big deal for Hong Kong's exchange, which has fallen behind New York in the battle to be king of global listings.

Just last month, AB InBev scrapped a $10 billion IPO for its Asia Pacific unit.

The sources say no new timetable has been set for Alibaba's listing in Hong Kong, though it could come as early as October.

They also said it's not being viewed as a blow by the company.

Alibaba declined to comment on the Reuters report.

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