Alibaba has delayed plans to list its stock in Hong Kong, according to Reuters.
The Chinese tech company already trades publicly in New York, but was reported to have been considering a second listing that Reuters said could raise as much as $15 billion. The plan was to list in August, Reuters said.
The news organization cited two anonymous sources who attributed the decision to postpone the listing to “the lack of financial and political stability” in Hong Kong. The city has seen 11 consecutive weekends of pro-democracy protests.
Alibaba (BABA) declined to comment on what it called “market rumors” to CNN Business.
The company could still list as early as October, according to Reuters.
Alibaba decided to list in the United States five years ago after negotiations with Hong Kong broke down. Hong Kong regulators at the time refused to allow the online retail giant to list with a corporate structure that would give Alibaba founder Jack Ma and other managers the control they wanted.
Hong Kong changed the rules last year, allowing companies with large market values to have different voting rights for individuals that have crucial roles.
When news broke in May that Alibaba was weighing a second listing, a person familiar with the situation told CNN Business at the time that another listing would help the company diversify funding channels and add liquidity.
While Alibaba is an e-commerce behemouth, like other Chinese tech giants it has had to expand beyond its core business to stay competitive.
Hong Kong is still the best place for Alibaba to list, said Kenny Tang, chief executive of investment firm Royston Securities. He noted that the city’s financial market is more open and international than other exchanges in the region, and that Hong Kong has a big base of international investors.
“If the dust settles here, Hong Kong would still be a primary choice,” Tang added.
