Chinese online retailing giant Alibaba Group Holding (BABA – Get Report) postponed a planned listing of up to $15 billion in Hong Kong that was scheduled for late August, according to a report from Reuters.
The decision comes after almost three months of sometimes-violent protests in the former British territory of Hong Kong, and the current environment is seen as politically unstable. Some commentators have raised concerns that the Beijing government may use the military to crack down on the protests just as it did in 1989 to quell the Tiananmen Square uprising.
Alibaba’s widely anticipated listing could still come later this year, perhaps as early as October, a person with knowledge of the matter told Reuters. If it takes place, the stock offering could be the largest in 2019.
The decision to postpone the deal was taken at a board meeting before Alibaba released earnings last week.
American depositary receipts of Alibaba rose 0.74% to $178.52 in premarket trading Wednesday.
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