16 January 2019

Alibaba has no plan for backdoor listing, CNS says

Alibaba Group Holding Ltd., China’s biggest e-commerce company, has no plans to float its shares anywhere through the back door, China News Service reported Wednesday, citing vice president of finance Ren Bingzheng. The company triggered speculation about a potential backdoor listing in Hong Kong after it said last month that it would buy a controlling stake in Hong Kong-listed CITIC 21CN Co. Ltd. (00241.HK). Investors have been keeping an eye on Alibaba’s planned initial public offering but Ren said no decision has been made regarding when and where it will take place, the report said.

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