The New York Stock Exchange building is seen adorned with banners on September 19, 2014. A buying frenzy sent Alibaba shares sharply higher Friday as the Chinese online giant made its historic Wall Street trading debut. In early trades after the record public share offering, Alibaba leapt from an opening price of $68 to nearly $100 and, while it dropped back, was still up some 38 percent at $94.08 after 10 minutes. AFP PHOTO/Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)
JEWEL SAMAD | AFP | Getty Images
The offering could garner as much as $20 billion, the site reported.
China’s largest company is currently working with financial advisors to offer the second listing as early as the latter half of 2019, sources familiar with the matter told Bloomberg. The sources added that a key aim of the second listing would be to diversify its funding channels and bolster liquidity, especially as Chinese companies face increasingly heated barbs from the Trump administration.
Any second listing would come just a few years after Alibaba raised $25 billion on the New York Stock Exchange in 2014, the globe’s largest first-time share sale. Alibaba’s success in China — akin to that of Amazon’s in the United States — has pushed the company’s value to around $400 billion, with its stock up 13% in 2019. That’s slightly better than the S&P 500‘s 12.7% gain during the same period.
Alibaba declined to comment on this story.
Read the full Bloomberg News report.