Alibaba on track to raise £10bn in Hong Kong listing

E-commerce group plans to sell 500m shares in biggest offering across global markets this year

The Chinese retail group Alibaba has kicked off this year’s biggest share sale, with a plan to raise up to HK$100 (£10bn) though a listing in Hong Kong.

The sale will be viewed as a boost to Hong Kong after five months of violent anti-government protests and just weeks after it was confirmed that the territory had plunged into recession. Hong Kong’s economic activity was down more than 3% in the three months to September as a result of a downturn in exports and a collapse in consumer and tourist spending.

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