Alibaba Group plans to sell shares on the Hong Kong stock exchange on Thursday as secondary listing from its US listing.
The largest company in Asia expects to raise up to $15 billion as the Hong Kong Stock Exchange approved the sale of new shares.
The Hong Kong Stock Exchange was the companies first choice back in 2013 but disagreements on the governing structure forced the firm to make the IPO in New York.
“As a company with most of our business in China, it was natural for Hong Kong to be our first choice,” said Alibaba co-founder Joe Tsai in 2013.
Alibaba went on to raise $25 billion in 2014 listing in the US.
The sale is believed to dilute shares in the US listing by nearly three percent, according to a Reuters report.