Amid the escalation of the U.S.
The government also recorded a downward revision of GDP for the year as a whole, the first annual contraction in a decade. There have been reports about the US potentially restricting government pensions from investing in China and delistings of Chinese companies traded on USA exchanges.
Companies that go public in Hong Kong typically arrange a luncheon with institutional investors on the day book-building commences.
"Especially now, after months of protests in Hong Kong, leaders will greatly appreciate the sense of solidarity and stability the listing brings", Natkin added. But the local exchange didn't allow Alibaba's dual-class capital structure at that time. For Hong Kong, it's bit of welcome news following half a year of often violent protests that have at times paralyzed the city and its service industry. Ma has previously said that he sees Alibaba's stock as undervalued on Wall Street and has been considering a secondary listing prior to his step down as chairman.
The driver of investor sentiment is the status of a "phase one" trade agreement, which had appeared to be in the cards but not any more, said Kristina Hooper, chief global market strategist at Invesco.
This crisis is a direct result of the mainland Communist Party's drive to end the Hong Kong freedoms it promised to preserve when it took control in 1997.
In June, a bipartisan group of USA lawmakers introduced a bill that would force US-listed Chinese companies to allow third-party regulators unrestricted access to auditing reports, something Beijing has long resisted, citing national security.
Alibaba isn't so concerned about the unrest in Hong Kong.
Exchange students now studying in Hong Kong have been called back to the United Kingdom by their university over fears for their safety. The listing was put on hold after the anti-government protests started to unfold and the city has since been gripped by worsening violence.
The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates.
With the Hong Kong listing, a company based in China, Hangzhou, will move closer to home, potentially giving investors in the world's second largest economy more opportunities to buy stocks.
Although he didn't specify how the central government would impose its will, Xi noted the Chinese government is more than determined to oppose any external force interfering in Hong Kong's affairs.