Alibaba group adds JP Morgan, Citigroup for Hong Kong November listing

Alibaba Group Holding added Citigroup Inc, JPMorgan Chase & Co and Morgan Stanley to the sales force of its Hong Kong listing, and invited several Chinese banks to do the same, according to people with knowledge of the matter.
 

The Chinese e-commerce giant plans to start taking investor orders on November 15, after its Singles’ Day sale, and price the offering on November 20, the people said, asking not to be identified because the information is private. The deal could raise as much as $15 billion, people familiar with the matter have said.
 

At least four state-owned Chinese investment banks —ABC International Holdings Ltd, CCB International Holdings Ltd, ICBC International Holdings Ltd, Bank of China International Ltd — have been invited to take on junior roles, other people familiar said. The deadline for the banks to reply is Monday, the people added.
 

Alibaba had aimed to list in Hong Kong as early as over the summer before pro-democracy protests rocked the financial hub, while trade tensions between Washington and Beijing clouded the market’s outlook. Listing closer to home has been a long-time dream of billionaire Jack Ma —a move that curries favor with Beijing and hedges against trade war risks.
 

An Alibaba representative couldn’t immediately comment.