Green light for Alibaba's listing to lift confidence in HK's economy

Chinese mainland e-commerce giant Alibaba Group Holding Ltd has got the go-ahead from the Hong Kong stock exchange for a secondary listing that could raise as much as $15 billion, despite almost five months of violent protests in Hong Kong that have rocked the Asian financial center and weighed on investor sentiment.

Such a move, in what could be the city's biggest listing for nine years, comes as a huge boost to the local bourse which had a tough time attracting mega deals this year. It could also stand as a well-timed confidence boost for Hong Kong.

Alibaba said in a statement on Wednesday evening that it plans to issue 500 million new ordinary shares.