Why Alibaba chose Hong Kong to list its shares despite protests
Hong Kong, China – While dozens of protesters barricaded themselves into a university in Hong Kong last week with riot police waiting outside, the latest chapter in nearly six months of often violent anti-government demonstrations, the territory’s stock market was rallying. “It could create a trend and encourage other mainland business to come list in Hong Kong, instead of prioritising the US markets.” The analyst’s request for anonymity is not entirely surprising given recent events. “Hong Kong is one of the world’s most active markets for initial public offerings, with $36.7bn raised in 2018,” says the Hong Kong Trade Development Council. Analysts fear the bill could drastically alter Hong Kong’s status as a free port and affect its financial markets, including its long-standing currency peg to the US dollar. “While it is not clear what kind of long term impact the bill would have on Hong Kong’s markets, in the shorter term the act is likely to negatively impact the Sino-US trade talk progress and, in turn, worsen Hong Kong’s economy even further,” said Chan Lok, Vice President of Target Capital Management Ltd. “Although I believe it is largely symbolic, the decision of passing the democracy bill could still affect the relationship between Washington, Beijing and Hong Kong,” Chan told Al Jazeera.
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