Internet giant Alibaba (BABA) could reportedly pursue a secondary listing of its shares in Hong Kong that would raise $20 billion.
The news was first reported by Bloomberg. A source familiar with the situation told CNN Business that the company „will not rule out an option on any listing,“ and said the move would help Alibaba diversify its funding sources.
Alibaba’s 2014 IPO in New York raised $25 billion and was the largest on record. The source said a follow-up in Hong Kong would make sense since investors there are familiar with the company.
A second listing could juice an otherwise lackluster year of stock offerings from tech companies. Shares of Uber (UBER) and Lyft (LYFT) both fell below their IPO prices following their debuts and were widely considered to be flops.