- Alibaba's secondary listing will be a big win for the city's exchange, may encourage other US-listed Chinese firms to follow and could hurt Tencent shares, says Alan Li, portfolio manager at Atta Capital
- Alibaba shares expected to trade in the week of November 25
Good day, traders --
The big headline of the day is that Alibaba has been approved for a secondary listing in Hong Kong and aims to raise up to US$15 billion. It is a big win for the city's exchange, may encourage other US-listed Chinese firms to follow and could hurt Tencent (700 HK) shares, says Alan Li, portfolio manager at Atta Capital. (Alibaba owns the South China Morning Post.)
Meanwhile, President Donald Trump said he may substantially raise tariffs on Chinese goods if trade negotiations don't results in a deal.
Hong Kong is being hit by the third straight day of protests, with several MTR stations closed, buses cancelled and roads blocked.
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-- Zhang Shidong in Shanghai and Deb Price in Hong Kong
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