Attendees pass an Alibaba.com display at CES 2019 in Las Vegas.
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China's largest e-commerce company, the Alibaba Group, has delayed its listing in Hong Kong by up to $ 15 billion as political turmoil in the Asian financial center increases, two knowledgeable people told Reuters.
Alibaba held a board meeting prior to its final release of the quarterly results last week, in which the Board decided to postpone Hong Kong's listing scheduled for late August, a spokesperson said.
Alibaba declined to comment on the matter when CNBC contacted.
The decision was made on the lack of financial and political stability in Hong Kong, while demonstrations took place for more than eleven weeks for democracy, which became increasingly violent and set the city in turmoil.
was frequently used by police while more than 700 people were arrested, followed by an unprecedented closure of the airport last week. The stock market in Hong Kong also fell to a seven-month low last week.
Although no new timetable has been formally established, Alibaba could launch the Hong Kong deal as early as October and raise $ 1
"It would be very unwise to conclude the agreement now or soon, and it would surely annoy Beijing if you give Hong Kong such a big gift, considering what's going on in the city," the source said.
Alibaba declined to comment on the deal.
Both sources were not identified because they were not authorized to speak to media.
– CNBC's Arjun Kharpal contributed to this report.