Executive Summary

Alibaba has filed for a Hong Kong listing, potentially Hong Kong’s biggest offering since 2010.

• The listing could raise up to $20 billion, the biggest fund-raising activity since AIA Group’s 2010 IPO.
• This move will give Alibaba another large market for its shares and bring in investors more familiar with the company and Asia Pacific, potentially pushing its value higher.
• The second listing in HK will raise funds amid slowing economic growth at home and ongoing trade tension with the US.