Alibaba eyes multibillion-dollar Hong Kong IPO despite raging protests

NEW YORK (AP) — China’s Alibaba moved closer Wednesday to its anticipated listing in Hong Kong.

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The online retail giant filed an application to list its shares on the Hong Kong Stock Exchange, though it did not provide details on the amount of the new offering.

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It has long been expected to launch a multibillion-dollar stock listing in Hong Kong but appeared to postpone the offering because of political and economic turmoil.

Hong Kong has been dealing with waves of pro-democracy protests since this summer that have hurt its economy. Hong Kong is part of China but has its own legal system and greater freedoms than the mainland.

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Alibaba Group Holding has been listed on the New York Stock Exchange since 2014 under the symbol ‘BABA’.