Ali declined to comment.
Last month, it was reported that Ali could raise up to $20 billion in Hong Kong, making it the second heavy listing since it completed a record $25 billion IPO in New York in 2014. CICC and Credit Suisse are taking the lead in arranging for Ali's listing in Hong Kong. Other banks have not yet been formally entrusted by Ali.
When listed in Hong Kong, Ali will seek to retain its existing governance system, which guarantees the rights of partners, including the right to nominate a majority of board members, according to people familiar with the matter. Ali can apply for exemption under the new secondary listing rules introduced by HKEx last year, thereby freeing its partnership system from the limitations of the standard rules.
The deal will be the largest follow-up stock issue in seven years and will provide Ali with the cash reserves needed to invest in technology. At present, Ali's comments with the delegation are waging a subsidy war in the field of takeout and tourism. At the same time, Ali's listing can also consolidate the status of China's technology companies as listed destination in Hong Kong.