The Swiss bank has clinched a key fundraising deal for tech giant Alibaba. Credit Suisse was a lead underwriter on the Chinese conglomerate's 2014 initial public offering.
Alibaba plans to raise as much as $20 billion with a Hong Kong stocklisting. The Chinese e-commerce giant has given Swiss bank Credit Suisse and China International Capital Corporation, or CICC, the nod, «Bloomberg» reported on Wednesday.
Credit Suisse was one of a raft of lead underwriters for Alibaba's U.S. listing give years ago when the company took in a record $25 billion. If the Hong Kong listing takes in the $20 billion it aims to, it will make for the largest IPO since 2010, «Bloomberg» reported.
Alibaba holds a 12 percent stake in CICC. Meanwhile, Credit Suisse's relationship to the Jack Ma-led firm could prove even more valuable further out: financial markets have speculated that Alibaba could list spin off fintech subsidiary Ant Financial. The unit was valued at roughly $150 billion last year during a fundraising – roughly five times that of Credit Suisse's market capitalization.
