As per a source familiar with the development, Alibaba, the leading Chinese e-commerce giant has filed confidentially for Hong Kong listing. The listing will happen as soon as the third-quarter of the current year. Bloomberg was the first to report about the company's filing action.
The sources last month said that through the planned listing, the company could aim at mopping $20 billion, making it the second largest deal after the company raised a record $25 billion in New York in 2014.
Chinese investment bank CICC and Swiss-based Credit Suisse are the managers to the deal.
The deal would mark the biggest follow on share sale worldwide in 7 years time. And would provide Jack-Ma backed company with the fund for technology advancement and investment.