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Alibaba Group Holding Ltd.’s leaders used the code “Project Orange” to discuss the company’s blockbuster initial public offering in 2014. Now they are close to seeing the fruition of “Project Tangerine,” the internal name for their effort to raise up to $15 billion in a secondary listing in Hong Kong.
Hong Kong’s stock exchange has approved the Chinese online retailer’s BABA, +0.14% application for the offering, said people familiar with the matter, giving the Asian financial hub a vote of confidence after monthslong demonstrations and sometimes-violent clashes between antigovernment protesters and police.
Alibaba plans to begin a weeklong roadshow for prospective investors for the $10 billion to $15 billion deal as soon this week, some of the people said. It would price the shares next week, and the shares could start trading as soon as the week after, they said.
The company is still working out the details and the timing could change. The South China Morning Post, a Hong Kong newspaper that Alibaba owns, reported on the company’s listing plans earlier Wednesday.
An expanded version of this report can be found at WSJ.com
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