Alibaba Group Holding Ltd. has won approval to forge ahead with a Hong Kong share sale that could raise at least $10 billion, according to a person familiar with the matter.
Hong Kong Exchanges & Clearing Ltd. approved the tech giant’s listing application, said the person, who asked not to be identified as the information is private. Asia’s largest corporation is proceeding with what could be this year’s largest stock offering despite violent pro-democracy protests gripping the city. The Chinese e-commerce titan is aiming to raise as much as $15 billion in the financial hub’s largest issuance of stock since 2010, Bloomberg News reported last week.
