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In the recent past, Hong Kong’s capital market has been encountering promising reforms, thanks to the likes of Alibaba. The Chinese e-commerce company is about to start offering shares to retail investors in its secondary listing in Hong Kong. It is hoping to raise not less than $13.4bn. A total of 500 million shares will be on offer at a retail price of HK$188 each.

It will be the biggest share sale this year

Hong Kong is one of the strongest financial centers in the world. This is according to Daniel Zhang, Alibaba’s Chairman and chief executive officer. He notes, “During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright… We hope we can contribute, in our small way, and participate in the future of Hong Kong.”

This would be the biggest share sale this year. Hong Kong has not had much in the last nine years; hence, this is expected to allow investors in Asia to take part in the growth of Alibaba. The move is boosting the confidence of the financial markets and will encourage the territory’s tycoons and entrepreneurs.

It is also worth noting that Alibaba has expanded into an e-commerce giant from being an online marketplace.

Alibaba’s moves come amid ongoing unrest

Hong Kong’s economy has been hit hard by the ongoing anti-government protests, which started in June. There have been increased cases of violence and recession, all of which deterred Alibaba’s plan of listing earlier in the year. However, it has put the delay to rest.

Meanwhile, the anti-government demonstrations have not only disrupted the economy but also tourism in the region. The protesters are fighting plans of deportation to the mainland by the government. They claim that this would take away their freedom.

The plans have since been called off, but apparently, the protests continue to escalate. Protesters are demanding an independent inquiry into police brutality. Thousands of people have been arrested, and others have lost their lives.

All this comes amidst the reopening of trade war talks between China and the US.