Stocks Blog: Alibaba approved to list in Hong Kong; New World, Wharf, other property stocks fall as protests drag on

South China Morning Post 發布於 2019年11月13日04:11
  • 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  
     
Protesters gather on the bridge near Chinese University. Property stocks are being hammered today as protests continue to drive away tourists and other shoppers. Photo: Sam Tsang

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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