More tech companies likely to list in Hong Kong in next decade, Alibaba’s Joe Tsai says



a person standing in front of Tung Chee-hwa et al. posing for the camera: Joe Tsai, Alibaba’s executive vice-chairman (left), and former Hong Kong Chief Executive Tung Chee-hwa, at the China Conference: United States organised by the Post. Photo: Edmond So


© SCMP
Joe Tsai, Alibaba’s executive vice-chairman (left), and former Hong Kong Chief Executive Tung Chee-hwa, at the China Conference: United States organised by the Post. Photo: Edmond So

More technology companies from across the globe – not just those based in China – are likely to list on Hong Kong’s stock exchange in the next five to 10 years, particularly emerging tech leaders in Southeast Asia, according to Alibaba’s executive vice-chairman Joe Tsai.

Non-US investors, as well as sovereign wealth and pension funds, are increasing their allocations to Hong Kong and Asia as they seek to tap future growth in the region, Tsai said at a fireside chat as part of Hong Kong Exchanges and Clearing’s (HKEX) first Southeast Asia Forum on Thursday. HKEX is the operator of the Hong Kong bourse.

“Think about that huge capital base coming to Asia, and a lot of that is focused on

Read More

Alibaba’s Singles Day sales top $74 billion, planned rules hit shares

HANGZHOU, China (Reuters) – Alibaba 9988.HK sales for its post-COVID-19 Singles’ Day shopping extravaganza hit $74 billion, a haul that was overshadowed by a 10% drop in its shares on Wednesday after China published draft anti-trust rules aimed at internet platforms.

The world’s biggest sales event – eclipsing Black Friday and Cyber Monday in the United States – spanned 11 days this year, and brought sellers on AliBaba’s platforms 21 times as many orders by value as Amazon.com Inc’s AMZN.O two-day global Prime Day last month.

Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.

Alibaba rivals JD.com Inc 9618.HKJD.O and Pinduoduo Inc PDD.O as well as firms such as Douyin – the Chinese version of Beijing ByteDance Technology Co Ltd’s TikTok – also held Singles’ Day events.

“Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters.

Read More