Participants go through Alibaba.com's display at CES 2019 in Las Vegas.
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China's largest e-commerce company Alibaba Group has delayed its list of up to $ 15 billion in Hong Kong amid mounting political unrest at the Asian financial center, two people familiar with the matter said on Reuters.
Alibaba held a board meeting before its last quarterly earnings payout last week, during which the board decided to postpone the Hong Kong list to be held in late August, one of the people said.
An Alibaba spokesman declined to comment when contacted by CNBC.
The decision was made about the lack of financial and political stability in Hong Kong amid more than 1
is used frequently by police, with more than 700 people arrested, followed by an unprecedented stop at the airport last week. The Hong Kong Stock Exchange also dropped to seven-month lows last week.
Although no new timetable has been formally set, Alibaba may launch the deal in Hong Kong as early as October, aiming to raise $ 10 billion to $ 15 billion when political tensions ease and market conditions become favorable again, another source said .
"It would be very unreasonable to make a deal now or anytime soon. This will surely annoy Beijing by offering Hong Kong such a great gift given what is happening in the city," the source said.
Alibaba declined comment on the deal.
Both sources refused to be identified as they were not authorized to speak to the media.
– CNBC's Arjun Harpal participated in this report.