Alibaba to spend more on travel, entertainment after $13.4 billion listing

Alibaba to spend more on travel, entertainment after $13.4 billion listing

HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group plans to ramp up investment in its online entertainment, content and travel platforms with the proceeds from a planned $13.4 billion Hong Kong listing.

A draft prospectus lodged with the Hong Kong Stock Exchange late on Wednesday showed that the company was increasing its investment in online delivery and local services platform, Ele.me, and online travel group, Fliggy.

Alibaba also plans to spend more on developing Youku, which the company says is one of the leading online video platforms in China.

The prospectus did not outline a timetable for the transaction, which is set to be the world’s biggest cross-border secondary listing, but it could start as early as Thursday, according to sources with knowledge of the matter.

Reporting by Scott Murdoch; Writing by Jennifer Hughes; Editing by Carmel Crimmins, Christopher Cushing, Louise Heavens & Kim Coghill

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