Alibaba Group files for Hong Kong listing to raise $20 billion

Hong Kong: Alibaba Group Holding has filed confidentially for a Hong Kong listing, people familiar with the matter said, moving closer to what is potentially the city’s biggest share sale since 2010.

The online emporium filed a stock listing application with the exchange this week without the need for financial disclosures. It is said to have picked China International Capital Corp. and Credit Suisse Group as lead banks. The offering from China’s largest corporation could raise as much as $20 billion, though Alibaba hasn’t finalised its fundraising target, the people said. Alibaba has ridden a surge in Chinese online commerce alongside an increasingly affluent middle class. But it’s struggling to sustain growth as the world’s No. 2 economy slows, and China clashes with the US over trade.