Wednesday 21 August 2019 9:24 am

Alibaba delays Hong Kong listing over protests

Chinese e-giant Alibaba has reportedly delayed a $15bn (£12bn) Hong Kong listing, scared off by protests that have rocked the city for more than two months.

There is no formal timetable for when the listing will happen, but the company may go to market in October, sources told Reuters.

Read more: Softbank earns $11bn for selling some of its huge Alibaba stake

The completion of the listing, which will raise between $10bn and $15bn, will depend on if protests die down and market conditions become more favourable.

Protesters took to the street over 11 weeks ago, after the local government proposed a bill which would allow Hong Kong citizens to be extradited to mainland China.

After the bill was dropped the protest morphed into a general anti-government, pro-democracy movement.

Police have used tear gas against protesters, and arrested more than 700 people.

The airport was closed last week, and the Hang Seng benchmark index hit a seven-month low.

Alibaba is also worried about how the Chinese government might react to its listing during the time of upheaval.

Read more: Jack Ma’s Alibaba chases ‘$20bn Hong Kong float’

Last week Cathay Pacific’s chief executive stepped down after facing pressure from China over staff members who joined the protesters.

“It would be very unwise to launch the deal now or anytime soon,” one source told Reuters. “It would certainly annoy Beijing by offering Hong Kong such a big gift given what’s going on in the city.”